On the eve of what U.S. President Donald Trump has called “liberation day,” the price of gold reached a new milestone of $3,117 per ounce. This came just days after the precious metal surpassed the $3,100 mark, fueling optimism among gold proponents.
Gold’s attractiveness amid trade war fears, which have weighed on traditional assets and even bitcoin ( BTC), has prompted Goldman Sachs to revise its year-end price prediction upward. As reported by Reuters, the investment bank raised its forecast range to $3,250-$3,520 from $3,100-$3,300.
Goldman Sachs attributes the change to aggressive gold purchases by Asian central banks, a trend it expects to continue for the next three to six years. It also cites stronger-than-expected gold exchange-traded fund (ETF) inflows as another reason for the upward revision.
The apparent change in investors’ stance on gold contrasts with their perception of BTC, particularly after Trump’s inauguration on Jan. 20. While gold’s latest milestone brings its year-to-date gain to 22%, BTC’s slide from its Trump inauguration day peak of nearly $109,000 to just under $83,000 on March 31 means it ended the first quarter of 2025 approximately 23% in the red.
This Q1 performance by digital assets, seen by some as a safe-haven asset, has emboldened critics who reject the notion that BTC is digital gold. The fact that BTC has seemingly wavered each time Trump has threatened or imposed tariffs on the U.S.’s main trade partners lends credence to their argument.
However, despite this seeming correlation with traditional assets, bitcoin proponents insist the crypto asset’s first-quarter performance does not undermine its digital gold status. This sentiment is shared by experts interviewed by Bitcoin.com News, including Rena Shah, COO of Trust Machines.
According to Shah, while gold might have retained its safe-haven status, Bitcoin is the “only asset you’ll never sell.” The COO also pointed to how BTC continues to outperform other assets since the launch of bitcoin ETFs.
“Bitcoin is punching above its weight, as a younger asset class compared to legacy ETFs, like gold. Whether you hold bitcoin as a hedge against market uncertainty or are waiting for the right reentry point, Bitcoin is evolving to offer so much more than gold can,” Shah said.
Ben Caselin, CMO at African cryptocurrency exchange VALR, said the prospect of countries and central banks adding BTC to their treasuries signals the start of a country-level game theory. Caselin also cites countries stocking up on gold as indicating better times ahead for BTC.
“We cannot rule out that these movements are due to game theory around Bitcoin, with the rally in gold acting as a precursor for an explosion in bitcoin acquisition,” Caselin said.
Mithil Thakore, CEO of Velar, told Bitcoin.com News that he disagrees with the notion that Bitcoin has lost its digital gold status. Instead, he argued that BTC has become “more important than ever, both in terms of perception and practical adoption.” To support this viewpoint, Thakore pointed to the adoption of BTC by institutions and its proven staying power. Regarding what the rising interest in gold means for BTC, the Velar CEO said:
“Renewed interest in gold actually supports Bitcoin’s value proposition. Both assets are responding to macroeconomic instability, inflation concerns, and growing distrust in fiat systems.”
Luke Xie, co-founder and CEO of Satlayer, suggested that gold’s rally could be temporary, fueled by “short-term safe-haven inflows amid global uncertainty.” This contrasts with BTC, whose value proposition is “anchored in its finite supply, decentralized network, and ever-growing adoption.”
Xie also highlighted how bitcoin’s gold status is boosted by technological advancements, something that cannot be said of gold.
“In essence, rather than losing its ‘digital gold’ status, Bitcoin is evolving—bolstered by technological advancements and strategic initiatives like BTCfi—that underscore its complementary and superior role in modern portfolio construction,” the Satlayer CEO said.
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