Looking back at historical data reveals an interesting pattern—Bitcoin only truly pulls away from gold during the later stages of the cycle.

This logical sequence is quite fixed: gold moves first. As a traditional safe-haven asset, it always has the sharpest instinct. Once macro risk signals appear, funds start flowing into this millennium-old metal. Then Bitcoin follows, as investors gradually realize the hedging properties of digital assets and begin reallocating.

But the real divergence occurs later—Bitcoin suddenly accelerates, while gold stalls. At this point, the market reaches a consensus that crypto assets are not just risk assets but also inflation hedges, and even a new form of store of value. During this phase, the difference in their gains becomes quite apparent.

Where are we now? Honestly, we are still in the transition from the first to the second stage. Gold has already started rising, but Bitcoin's follow-through isn't strong enough yet, far from the moment of explosive acceleration. If the script of history can still repeat, the second half of the story is just beginning.