Bitcoin is once again commanding attention, fueled by dramatic price fluctuations this year. These swings coincide with geopolitical tensions, including former President Donald Trump’s trade policies, which have sparked predictions of a potential U.S. dollar collapse.

Bitcoin Bounces Back

The cryptocurrency has surged, reclaiming the $100,000 mark, a closely watched level by investors. This milestone comes even as BlackRock has reportedly issued a warning regarding bitcoin’s potential risks.

JPMorgan’s Bullish Outlook

As crypto traders prepare for market volatility, JPMorgan analysts have shifted their preference from gold to bitcoin, forecasting that bitcoin will outperform gold for the remainder of 2025.

The “Digital gold” Narrative

JPMorgan analysts previously cautioned that bitcoin’s reputation as “digital gold” was under pressure when its price faltered amid market turbulence triggered by trade disputes. The price had fallen to approximately $75,000, a 30% decrease from its peak of nearly $110,000, before recovering to over $100,000.

Catalysts for Growth

Analysts point to several “crypto-specific catalysts” that could drive bitcoin’s performance. These include the potential enactment of pro-crypto legislation in the U.S. and support from political figures. Furthermore, major players in Wall Street and the tech industry are reportedly preparing to enter the crypto market.

Miller’s Optimistic Prediction

Despite past volatility, bitcoin bulls remain optimistic. Bill Miller IV, chief investment officer and chairman of Miller Value Partners, believes bitcoin’s price will continue to rise untill it surpasses gold’s $20 trillion market capitalization.

Bitcoin’s back in the six-figures with a lot of room to go.If you compare its primary functional use case, a check and a balance on the lack of accountability in fiat unit creation, we still have a long way to go.
Bill Miller IV, chief investment officer and chairman of Miller Value Partners

mr. Miller also predicts bitcoin’s “functional superiority” will eventually drive its price to $1 million.

Gold vs. Bitcoin: A Zero-sum Game?

JPMorgan analysts suggest a dynamic between gold and bitcoin, noting that recent trends show bitcoin gaining ground at the expense of gold.

Between mid-February and mid-April gold was rising at the expense of bitcoin, while of the past three weeks we have been observing the opposite, i.e. bitcoin rising at the expense of gold.
JPMorgan analysts led by managing director Nikolaos Panigirtzoglou

The analysts anticipate this trend will continue, favoring bitcoin due to crypto-specific factors.

In all, we expect the year-to-date zero sum game between gold and bitcoin to extend to the remainder of the year, but are biased towards crypto-specific catalysts creating more upside for bitcoin over gold into the second half of the year.
JPMorgan analysts led by managing director Nikolaos Panigirtzoglou

Bitcoin as a hedge

As geopolitical tensions persist,both bitcoin and gold are increasingly viewed as hedges against turmoil and stores of value.

With bitcoin’s market capitalization “back above $2 trillion and gold trading north of $3,200/oz, the two now stand side-by-side-as hedges against geopolitical turmoil and, increasingly, as high-conviction stores of value for the future.
Gadi Chait, head of investment at bitcoin and crypto custody company Xapo Bank