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

• The US Dollar Index declined 8% in H1 2025.
• Bitcoin and Gold are safe-haven assets for investors.
• ETFs and strategic reserves to boost Bitcoin’s demand in H2 2025.

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.

JPMorgan analyst predicts Bitcoin will take the lead in H2 2025

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, foresees 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.

Related: Digital Gold vs. Real Gold: Bitcoin’s Volatile Rally Closes In on $3.5K+ Gold

First, he highlighted the increasing institutional interest in the spot Bitcoin ETFs. Panigirtzoglou thinks investors are losing their appetite fo…

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