In a financial world where stability and innovation compete for the favor of investors, Gold and Bitcoin (BTC) dispute the prominence.
While the precious metal has been the traditional shelter, the digital currency gains ground. Between mid -February and mid -April 2025, gold took the lead, reaching a historical maximum of $ 3,500 per ounce on April 21.
However, the last three weeks marked a change in trend. “We have observed that Bitcoin rose at the expense of gold,” The analysts wrote of the American bank JP Morgan, led by the managing director Nikolaos Panigirtzoglou.
In this period, Gold lost 11% of its value, falling to $ 3,100 per ounce, while Bitcoin registered an increase of 18%contributing to $ 105,000.
This movement is reflected in the investment flows, with capital abandoning the Golden ETFs and flowing to investment products linked to Bitcoin, says the report.
A fierce competition between Bitcoin and gold
According to JP Morgan, the “devaluation trade”, in which Investors seek refuge in gold and bitcoin to protect themselves against the weakening of Fíat currenciesit has become a zero sum competition.
In this scenario, BTC is taking the lead. “We foresee that the zero sum competition between Gold and Bitcoin will extend to the remainder of the year, but we believe that the specific catalysts of the digital asset will generate greater bullish potential for Bitcoin against gold in the second half of the year,” said analysts.
Gold continues to attract those who prioritize stability in uncertain times, while Bitcoin captures investors who see in the digital currency an opportunity of greater appreciation in the digital age, promoted by its decentralized nature and resistant to the censorship of banks and governments.
Factors that drive Bitcoin
Bitcoin’s rise not only responds to the recoil of gold, but also to institutional investors movements turning to the digital currency.
Companies such as the American Strategy, the Japanese metaplanet and the recently created Twenty One Capital (XXI) are increasing their Bitcoin reserves remarkably. Strategy, the public company with the highest Bitcoin holdings, accumulates 568,840 BTCconsolidating as a leader in this space.
For its part, Metaplenet reached 6,796 BTC After acquiring 1,241 BTC on May 11. The next day, on May 12, Metaplenet He issued 15 million of dollars in 0% bonds to finance new purchases of Bitcoin.
To these is added Twenty One Capital, led by Jack Mallers, who debuted in April With 42,000 BTC in his treasurypositioning itself as the third company with the greatest reservations, only surpassed by Strategy and Mara Holdings, as reported by cryptootics.
These companies seek to be a key vehicle for Institutional investors access Bitcoin through public marketsissuing actions and developing financial products.
State support and fundamentals of Bitcoin
Bitcoin’s adoption also grows at the governmental level. In the United States, New Hampshire now allows up to 5% of its bitcoin reserves, while in Arizona, although a BTC reserve was not approved, the HB2749 law was admitted that It establishes a framework for cryptocurrencas considered “unresolved” to be transferred to the state coffers and eventually they are part of a reserve.
“As the list grows, other states could consider adding Bitcoin to their strategic reserves, which could be a more sustained positive catalyst,” JP Morgan analysts said.
Bitcoin, with a supply limited to 21 million units and an issue that is reduced every four years in the halving, offers a unique proposal against the devaluation of Fíat money.
This factor, Together with technical and macroeconomic signs, it suggests that the currency could enter a parabolic phase. Among these macroeconomic factors, the “tariff war” initiated by the president of the United States, Donald Trump, which has generated uncertainty in global markets. Now, with indications that this war would be ending or, at least, in a “truce” phase, the price of BTC has chances to rise again.
Analysts such as David Zanoni project a price of $ 150,000 for October 2025, Mike Fay estimates $ 157,000 and Joe Albano foresees a maximum of $ 176,000.
Despite optimism, there are risks. The high concentration of Bitcoin in companies such as Strategy raises concerns.
A forced sale by one of these companies It could generate significant bearish pressure, both by volume and by the psychological impact on the market.
This scenario, although it is not the main one, invites investors to maintain prudence.
