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Gold Rips While BTC Remains In Stasis
Crypto markets have fallen alongside other risk assets amid geopolitical tensions and interest rate uncertainty. Gold has outperformed, tagging a new lifetime high near $5,000 an ounce. As such, the precious metal has effectively hogged Bitcoin’s safe haven and inflation hedge spotlight.
Bitcoin fell 7.7% over the past week, and is currently trading at around $87,778, according to CoinGecko data. The crypto remains down 1.7% over the last 24 hours, reflecting the fragile sentiment across the crypto market.
The premier crypto’s failed attempt to recover above $90,000 has eroded investor confidence and raised the perennial question of whether it truly deserves the label “digital gold.” As gold enjoys its moment, Bill Miller IV has pointed to the historical lack of correlation between the yellow metal and BTC.
“Gold is going up faster than bitcoin, I guess bitcoin is just another risk asset and not ‘digital gold.’ Wrong — the correlation between BTC and gold over the past decade is 0.09 (none). Why would you expect it to move at the same time?” the investor observed in a post on X.
 
Bitcoin As A Digital Version Of Gold Would Be Worth $1.7 Million
For Miller, if Bitcoin manages to grab gold’s entire monetary premium, its price would need to jump about 19x from its current levels.
“If the world viewed bitcoin as “digital gold,” its price would be ~$1.7 million today,” Miller added.
While Bitcoin is still deemed a risky asset at present, there’s a high chance the OG crypto will start to catch up once traditional hard assets like gold have been inflated to absurd levels, and capital starts rotating into more reasonably valued assets like BTC.
After all, Bitcoin is only sixteen years old, yet it has already achieved extraordinary levels of recognition and adoption.