JPMorgan analysts predict Bitcoin could see significant price increases compared to gold in 2025, driven by unique factors impacting the cryptocurrency market.
Trends in the Cryptocurrency Market
According to JPMorgan analysts, the 'depreciation trade' led to increased interest in both gold and Bitcoin, however, this dynamic shifted in 2025. Analysis shows that while gold rose against Bitcoin from mid-February to mid-April, the opposite trend has been observed in recent weeks, with Bitcoin starting to gain value.
Growing Interest in Bitcoin among US States
Some US states have begun considering Bitcoin as a reserve asset. For instance, New Hampshire can now invest up to 5% of state assets in Bitcoin and gold. Arizona is establishing a digital asset reserve funded by staking revenues and airdrops, pledging no tax increases. JPMorgan believes that if other states follow suit, it could have a lasting positive impact on Bitcoin.
Achievements in Cryptocurrency Derivatives
Analysts also note that the cryptocurrency derivatives market is maturing. Major US exchanges are solidifying their positions through significant acquisitions, such as Coinbase's purchase of Deribit, Kraken's acquisition of NinjaTrader, and Gemini's licensing to offer derivatives in Europe. These developments could enhance institutional investor interest in the sector.
Overall, despite current market fluctuations, JPMorgan expresses optimism regarding Bitcoin's future, linking its growth to emerging trends and interest from both private and public investors.
