Global investment bank JPMorgan’s analysts have adjusted their view on the crypto market, projecting confidence for 2025 in their Alternative Investments Outlook and Strategy report, led by managing director Nikolaos Panigirtzoglou, which was published late Friday.

Pointing to multiple factors that could fuel additional growth, the analysts remarked:

In all, we are bullish on digital assets into 2025.

One significant driver highlighted by the analysts is the potential for former U.S. President Donald Trump to secure another term, which could benefit bitcoin due to more favorable regulatory policies and reinforce the “debasement trade,” where investors flock to assets like gold and bitcoin in times of economic instability.

They elaborated on the growth of the debasement trend amid rising geopolitical conflict, suggesting that a Trump victory could further intensify this trend through tariffs and expansionary fiscal measures. A Trump win, besides offering regulatory support for bitcoin, would likely strengthen the trend through these same economic actions.

JPMorgan’s analysts also emphasized recent developments in traditional finance, noting that Morgan Stanley has begun recommending bitcoin exchange-traded funds (ETFs) to its clients. Additionally, they pointed out that most of the liquidations tied to the Mt. Gox and Genesis bankruptcies, along with the German government’s bitcoin sale, are largely over.

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