Gold prices have approached a significant all-time high of $4,000 as investors flock to safe-haven assets — a situation that also appears favorable for Bitcoin.
Gold futures reached $4,000 per ounce for the first time early Tuesday morning, while spot prices hit a peak of $3,976, as reported by TradingView.
“Gold has set a new record high,” noted gold advocate and Bitcoin skeptic Peter Schiff on Tuesday. “This signals that the current Federal Reserve policy is misguided,” he remarked, urging the US central bank to “change direction immediately” and increase interest rates.
This year, gold has surged impressively, climbing over 50% since January 1 due to escalating geopolitical tensions, concerns over trade tariffs, global inflation, and the depreciation of fiat currencies.
It has outperformed Bitcoin (BTC) during the same timeframe, with the leading digital asset rising only 33.5%. However, Bitcoin’s price movements have mirrored gold’s, albeit with a delay, which may indicate a potential significant rally as the year concludes.
Analysts predict Bitcoin will outshine gold
“Gold’s record high reflects the strong demand for scarce assets. From this point, we anticipate Bitcoin will be the superior asset,” Apollo Capital’s Henrik Andersson told Cointelegraph on Tuesday.
“Gold reaching $4K further validates the dynamics driving BTC,” added Justin d’Anethan, head of partnerships at the crypto private markets firm Arctic Digital.
Related: Bitcoin is expected to ‘surge past’ $150K: Analysts
This shift serves as a “mutual confirmation,” with both assets responding to common concerns: unchecked US deficits, diminishing dollar credibility, and increasing geopolitical hedging, he noted, adding:
“Gold is well-entrenched in conventional finance. Bitcoin tends to move more significantly since it’s accessible 24/7, rarer, and undeniably more attuned to future trends.”
Bitcoin’s relationship with gold
Bitcoin trails behind gold and the global M2 money supply and “should adjust,” stated analyst James Bull on X.
Last week, analyst and trader Ted Pillows noted that Bitcoin has shown a strong correlation with gold with an eight-week delay.
As gold reaches new heights, Bitcoin is expected to follow suit, he remarked, adding, “We might see a correction, but overall Q4 will be significant for Bitcoin.”
Recently, Cointelegraph reported that Bitcoin had resumed its correlation with gold as both assets approached or hit all-time highs. Bitcoin marked an all-time high of just over $126,000 during late trading on Monday.
Bitcoin could hit seven figures
David Marcus, co-founder and CEO of Litespark and former head of PayPal, compared the two assets, asserting on Monday that if Bitcoin were valued like gold, it would be worth $1.3 million.
“It’s already a superior store of value, and its payment utility hasn’t been fully considered yet. Reaching seven digits is merely a matter of time.”
Magazine: Bitcoin is likely to move ‘quickly’ to $150K, doubts about altseason: Hodler’s Digest
