The price of gold has once again risen to a record high, and some analysts see this as a potential threat to Bitcoin (BTC). While Bitcoin was long considered digital gold, the precious metal has significantly outperformed the cryptocurrency in recent months. Nevertheless, experts emphasize that Bitcoin remains firmly established as a digital alternative to gold.
Gold Reaches Record High – Goldman Raises Forecast
Driven by geopolitical tensions and aggressive buying by central banks, the price of gold rose to an impressive $3,117 per ounce. Goldman Sachs has since raised its annual forecast to a range of $3,250 to $3,520. The bank cites continued buying by Asian central banks and growing inflows into gold ETFs as the main reasons.
At the same time, Bitcoin has experienced a correction: Since Donald Trump‘s inauguration on January 20, the BTC price has fallen by around 23% – from almost $109,000 to just under $83,000 at the end of March. A stark contrast between physical gold and its digital counterpart.
Bitcoin under pressure – but not dethroned
The differing price developments have caused some critics to doubt Bitcoin’s status as digital gold. However, experts see no reason to deny Bitcoin its role as a store of value. Rena Shah, COO of Trust Machines, emphasizes:
“Bitcoin is outperforming expectations – especially as a young asset class compared to traditional ETFs like gold. Whether you hold BTC as a hedge against uncertainty or wait for an entry point – Bitcoin is evolving into something that can offer much more than gold.”
Ben Caselin, CMO at VALR, also doesn’t see the gold rally as a threat, but rather as a possible signal. He suspects that the growing gold reserves of individual countries could be an indication of an impending move toward Bitcoin:
“It cannot be ruled out that these developments are motivated by game theory surrounding Bitcoin – with the gold rally as a harbinger of a Bitcoin buying boom.”
Technological Advantage as an Advantage
Mithil Thakore, CEO of Velar, points to Bitcoin’s institutional acceptance and practical advantages:
“Renewed interest in gold ultimately strengthens Bitcoin’s value proposition. Both investments respond to macroeconomic instability, inflation fears, and growing distrust of fiat currencies.”
Conclusion: Despite the impressive rise in the price of gold, Bitcoin continues to assert itself as a digital counterpart. Time will tell whether the experts are correct in their assessments.
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