Morgan Stanley analysts say that Bitcoin may surpass gold in the second half of 2025. Analysts believe that factors such as increased demand from businesses and increased support from various states in the United States will drive Bitcoin to outperform gold, resulting in a zero sum game where funds flow from gold ETFs to Bitcoin. Recent data shows that since April 22nd, gold has fallen nearly 8% and Bitcoin has risen 18%. At the enterprise level, Strategy plans to raise $84 billion to buy Bitcoin, increasing Metaplanet BTC holdings by 3.9 times. New Hampshire, Arizona, and other states in the United States are actively accepting Bitcoin. The acquisition of cryptocurrency exchanges and the development of derivative markets may promote institutional participation. Analysts point out that the zero sum game trend may continue, but there are still variables regarding the high volatility of cryptocurrencies and the safe haven nature of gold. BTC