JPMorgan Chase: Bitcoin's potential to rise in the second half of the year may surpass gold, driven by support from businesses and various states in the United States

Morgan Stanley analysts say that as gold weakens and capital flows change, Bitcoin may continue to outperform gold in the second half of 2025. Institutions point out that companies such as MicroStrategy continue to purchase Bitcoin, and many states in the United States have also included it in their strategic reserves, such as New Hampshire allowing up to 5% of assets to be allocated to Bitcoin. In addition, the mature and regulated cryptocurrency derivatives market also attracts institutional participation.