JPMorgan analysts reported that Bitcoin is likely to continue gaining ground at gold’s expense in the second half of the year, driven by rising corporate demand and growing support from U.S. states.

According to analysts led by managing director Nikolaos Panigirtzoglou, the ‘debasement trade’—where investors turn to gold and bitcoin to guard against weakening fiat currencies—has turned into a zero-sum contest, where bitcoin is now gaining the upper hand.

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