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The fluctuations in Bitcoin ($BTC) and gold prices in recent weeks have brought the market value competition between the two assets back to the agenda.
According to current data, the level $BTC needs to reach to surpass gold has become clear.
According to calculations, for $BTC to surpass gold's total market capitalization, its price would need to reach $1,425,216. Currently, Bitcoin's market capitalization is $2.06 trillion, while gold's is $28.43 trillion. This means Bitcoin now accounts for approximately 7.26% of gold's total market capitalization.
While Bitcoin's market value can be verified with fully transparent on-chain data, estimates of gold's total supply can vary. While the World Gold Council and other reports have updated gold supply figures over the years, there is a wide range in gold's true market value because physical inventory is difficult to calculate accurately. However, current data suggests that Bitcoin's price would only need to exceed $1.4 million to surpass gold.
Looking at price performance over the past five years, $BTC is the clear leader. Over the five-year period, Bitcoin has gained 577%, while gold has gained 118%. Three-year performance is similarly favorable for $BTC: Bitcoin has gained 488%, while gold has gained 138%. Over the two-year period, $BTC's return is 177%, while gold's is 110%.
While the picture has become somewhat more balanced over the past year, gold has performed stronger, with a 52% gain, while Bitcoin has been weaker, with a 28% gain. In the short term, gold has emerged as the frontrunner; since the beginning of the year, gold has gained 55.95%, while $BTC has gained only 10.65%. In the last three months, one month, and one week, $BTC has shown a downward trend, while gold has shown positive returns.
On the supply side, the roles are completely reversed. Bitcoin's annual supply growth is 0.83%, while gold's annual supply growth is 1.72%. This suggests that $BTC is becoming scarcer over time, strengthening its position as a long-term store of value.
*This is not investment advice.