JPMorgan Chase, the largest bank in the United States, is now allowing its clients to buy Bitcoin

Despite CEO Jamie Dimon’s longstanding criticism of the cryptocurrency market.

According to JPMorgan's research team, Bitcoin (BTC) is poised to outshine gold in the second half of 2025.

In a recent report led by managing director Nikolaos Panigirtzoglou, the analysts observed a shift in market sentiment from gold to Bitcoin, describing it as a “zero-sum game.”

“The two asset classes went up and down in what appeared to be a ‘zero-sum game’—between mid-February and mid-April gold was rising at the expense of bitcoin, while over the past three weeks we have been observing the opposite,” the report stated.

Several crypto-specific catalysts are expected to favor Bitcoin, including increased corporate treasury allocations and positive regulatory momentum. For instance, companies like Strategy are already pursuing significant Bitcoin investments, aiming for $84 billion by 2027, with over 30% of that target already secured.

Moreover, institutional interest in crypto derivatives is intensifying, supported by a string of recent acquisitions that signal the sector's maturation. Coinbase's acquisition of Deribit, Kraken's purchase of NinjaTrader, and Gemini's new European derivatives license all indicate growing infrastructure and regulatory clarity.

JPMorgan analysts believe these developments could encourage broader institutional participation within more familiar compliance frameworks.

“The crypto derivatives universe is maturing and by coming under US or EU regulations it could induce confidence and greater participation by traditional institutional investors.”