JPMorgan: Bitcoin's Second-Half Price Upside Could Outperform Gold

BlockBeats News, May 15th, according to TheBlock, a JPMorgan analyst stated that from mid-February to mid-April, the rise in gold price suppressed Bitcoin's performance. However, in the past three weeks, Bitcoin has rebounded by 18%, while gold has fallen by 8%, with funds flowing from gold ETFs to crypto funds. A series of catalysts include:

Corporate Holdings: Strategy (formerly MicroStrategy) plans to raise an additional $4.2 billion by 2027 to buy Bitcoin, and strategic Bitcoin companies like Metaplanet continue to make purchases;

Government Reserves: New Hampshire allows a 5% allocation of state assets to Bitcoin, and Arizona is establishing a digital asset reserve;

Maturing Derivatives Market: Coinbase acquires Deribit, Kraken acquires NinjaTrader, and Gemini obtains a European derivatives license.

JPMorgan Managing Director Nikolaos Panigirtzoglou pointed out that as more U.S. state governments consider including Bitcoin in their reserves, this could be a continuing positive trend.