Bitcoin has been thrust back into the spotlight by extreme price swings this year, with U.S. president Donald Trump’s assault on the global trade order resulting in wild predictions of total U.S. dollar collapse.

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The bitcoin price has reclaimed $100,000 per bitcoin, topping the closely-watched level even as BlackRock quietly issues a stark bitcoin warning.

Now, as crypto traders brace for a perfect storm to hit the bitcoin price, JPMorgan analysts have flipped from gold to bitcoin, predicting the bitcoin price will outperform gold over the rest of 2025.

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"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 wrote in a note seen by Decrypt.

"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."

Those "crypto-specific catalysts" include the passage of pro-crypto laws and regulations in the U.S. as well as Trump’s support of the technology. Elsewhere, Wall Street and tech giants are quietly gearing up to blow up the crypto market.

In April, the JPMorgan analysts warned bitcoin’s burgeoning reputation as “digital gold" was under pressure as the bitcoin price failed to hold up in the face extreme market volatility triggered by Trump’s global trade war.

The bitcoin price plummeted to around $75,000 per bitcoin, dropping over 30% from its all-time high of almost $110,000, as traders panicked over Trump’s tariffs but has since bounced back to over $100,000.

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Bitcoin price bulls have remained upbeat, however, with Miller Value Partners chief investment officer and chairman, Bill Miller IV, telling CNBC the bitcoin price will keep climbing until it eclipses 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,” Miller said, predicting bitcoin’s “functional superiority” will push it to a price of $1 million per bitcoin.

The gold price has hit its own record high this year as investors flee to the traditional safe haven, though it has dipped in recent weeks as the global trade war looks increasingly close to being resolved.

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, said in emailed comments.