Zlato i bitcoin obaraju rekorde
Gold and bitcoin have been trading near all-time highs in recent weeks. Why are we witnessing such a surge in assets that are often seen as safe havens for investors? And how long could the current rally last?
Let’s first look at the main factors driving the rising value of gold and its “digital alternative,” bitcoin. Gold has for decades — and perhaps centuries — been considered an asset that protects against uncertainty and inflation, as well as a store of value for “bad times.”
Gold has traditionally served as a safe haven for all types of investors, both retail and institutional. Bitcoin is now playing a similar role to some extent, as a growing number of investors view it as “digital gold.” They believe bitcoin can serve as a hedge against inflation and protect their savings.
Why are gold and bitcoin surging now?
Some experts attribute the recent rally to what is known as the debasement trade — a bet that government borrowing and money printing will weaken the value of the national currency, in this case the US dollar. As a result, investors are moving their cash into assets like gold, crypto, stocks, and real estate that are perceived to better hold their value.
“This whole debasement trade is benefiting gold,” said Christian Magoon, CEO of Amplify ETFs, in an interview with CNBC. The Federal Reserve’s ongoing fight against inflation, coupled with mounting US government debt, has fueled concerns about long-term currency stability. As of early October, the US dollar index had declined roughly 8% year to date.
Gold recently surged past $4,000, reaching an all-time high. Bitcoin joined gold as a digital counterpart, briefly surpassing $126,000 early last week — also a record.
“Inflation is substantially above target in all forecasts for next year. It’s part of the reason the dollar has depreciated. Gold is at record highs, and the appreciation of other dollar substitutes — like crypto, for example — is unbelievable,” said Citadel CEO Ken Griffin to Bloomberg.
How long can the rally last?
Many observers believe gold and bitcoin could continue rising in value, potentially hitting new milestones. “I suspect bitcoin will rise throughout the shutdown and will soon reach $135,000,” Geoffrey Kendrick told Deutsche Welle. The Trump administration’s continued support for favorable crypto policies further fuels optimism.
However, not everyone shares this bullish outlook. Bloomberg strategist Mike McGlone warns that bitcoin could lose a significant portion of its value relative to gold. He predicts that the bitcoin-to-gold ratio — currently around 30 ounces of gold per 1 BTC — could fall back to the mid-teens once market volatility returns.
“Bitcoin could halve vs. gold. It’s hardly surprising to expect stock-market volatility to rebound from multiyear lows, which might lead to some mean reversion in the ounces of gold equal to a bitcoin,” McGlone wrote on X. As of October 12, bitcoin is trading around $115,000, still relatively high compared to gold — and the US shutdown continues.
Sources:
https://www.cnbc.com/2025/10/10/debasement-trade-gold-bitcoin-stock-market-risks.html
https://www.dw.com/en/gold-tops-4000-as-demand-for-safe-assets-rises/a-74252609