JP Morgan analysts say Bitcoin has stronger upside potential than gold heading into the second half of 2025. In a recent note, they cited fresh corporate interest and growing state-level support as key drivers of the asset’s sustained rally. The analysts believe crypto-related catalysts may fuel further gains and extend

• Bitcoin climbs above $104,500 as JP Morgan predicts stronger upside than gold.
• U.S. states and major firms increase support for Bitcoin reserves.

JP Morgan analysts say Bitcoin has stronger upside potential than gold heading into the second half of 2025. In a recent note, they cited fresh corporate interest and growing state-level support as key drivers of the asset’s sustained rally. The analysts believe crypto-related catalysts may fuel further gains and extend the digital asset’s recent lead over gold.

Bitcoin has climbed past $104,500 this week, its highest level since January, putting it within 5% of its all-time high. The note, led by Nikolaos Panigirtzoglou, pointed to Bitcoin’s rising appeal as both a corporate reserve and a speculative risk asset. While some market participants label Bitcoin as a hedge, the analysts emphasized it continues to trade in line with broader equities.

Derivatives Market Growth Signals Institutional Maturity

JP Morgan also highlighted several recent deals in the crypto derivatives space as signs of industry progress. These include Coinbase’s acquisition of Deribit and Kraken’s purchase of U.S.-based NinjaTrader. Gemini also secured approval to offer crypto derivatives in Europe under local regulations.

According to analysts, this means that trading in the U.S. and EU will become more tightly controlled. Because of these efforts, more groups may want to get involved, seeing that everything is done openly and securely. In his opinion, this trend is evidence that the cryptocurrency trading market is expanding rapidly and attracting mainstream companies.

Corporates and U.S. States Boost Bitcoin Adoption

Metaplanet reported its strongest quarterly performance to date in Q1 FY2025, with Bitcoin holdings now totaling 6,796 BTC. That marks a 3.9x rise in assets since the start of the year, with over 5,000 BTC added in 2025.

Several U.S. states have also taken steps to incorporate Bitcoin into their reserve plans. New Hampshire has authorized up to 5% of its reserves in Bitcoin. Arizona is launching its own Bitcoin reserve, committing to maintain the initiative without raising taxes.

At press time, Bitcoin was trading at $103,940, up 1.03% on the day. Its market cap stood at $2.06 trillion, with $51.01 billion in daily trading volume. In contrast, gold has pulled back to $3,217, down from its April high of $3,500.

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