JPMorgan Analyst Predicts a “Baton Exchange” From Gold to Bitcoin

Both Bitcoin and Gold have been seen by investors as key safe-haven assets this year, especially after an 8% decline in the U.S. Dollar Index during the first half of 2025.

While Gold dominated that period, outperforming Bitcoin, analysts are now predicting a major reversal for the second half of the year.

Despite Gold’s impressive performance in the first part of the year, analysts predict a table-turning scenario for the rest of 2025.

One such analyst from JPMorgan Chase, Nikolaos Panigirtzoglou, a ‘baton exchange’ between Gold and Bitcoin. According to Panigirtzoglou, two emerging, Bitcoin-specific factors will boost demand for the cryptocurrency in the coming months.

First, he highlighted the increasing institutional interest in the spot Bitcoin ETFs. Panigirtzoglou thinks investors are losing their appetite for U.S. stocks and are seeking alternatives. For them, the Bitcoin ETFs are an ideal option, as they provide direct exposure without the complexities of self-custody.

Second, and perhaps more powerfully, Panigirtzoglou notes the increasing interest from governments looking to establish national Bitcoin reserves.

Earlier this year, the Donald Trump administration confirmed that it would store Bitcoin in a strategic reserve. States like Arizona and New Hampshire have also enacted laws that will allow them to store Bitcoin, with about two dozen other states following in their footsteps.

These factors, combined with a weakening U.S. dollar, have opened the door for Bitcoin to find its way into more institutional and even sovereign portfolios.

In summary, Donald Trump’s new tariff policy is having a significant effect on the US economy, slowing its growth and causing investors to seek viable alternatives to mainstream stocks. The declining demand for the US national currency has opened the channel for Bitcoin, which has become the rave of the moment, to find its way into investors’ portfolios and consequently increase in value.

TradingView’s data show that Bitcoin traded for $118,625 at the time of writing. However, analysts expect this value to rise in the coming months, with most of them targeting $160,000 as the cryptocurrency’s next stop.