Visualizing the Price of Bitcoin vs. Gold Over Time

Visualizing the Price of Bitcoin vs. Gold Over Time

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Bitcoin has soared to all-time highs of over $90,000, pushing the bitcoin-to-gold ratio close to record levels.

Since Trump’s election victory, bitcoin has surged amid market speculation and economic uncertainty under a pro-bitcoin administration. At the same time, gold has rallied, driven by physical purchases across both central banks and retail investors.

This graphic shows the bitcoin-to-gold ratio, which is the number of troy ounces of gold that one bitcoin can buy, calculated using gold and bitcoin price data from TradingView.

How Much Gold Does One Bitcoin Buy?

Both bitcoin and gold have surged to new all-time highs in 2024. Even if bitcoin has rallied more (119% YTD compared to gold’s 27% YTD), today’s ratio of 35.2 between the cryptocurrency and the precious metal is still below its high of 37 reached in 2021.

Below, we show the price of bitcoin and gold, based on data as of November 11, 2024:

While bitcoin had already made new highs earlier in 2024, in November its price surged by more than 30% following Donald Trump’s presidential election victory.

Cryptocurrency investors are optimistic about Trump’s favorable views on digital assets, with the President-elect having said he aims to make the U.S. “the bitcoin superpower of the world” at campaign rallies. This has signaled that crypto regulation could become more lenient, after years of lawsuits and stringent regulation on crypto firms.

Alongside the positive political shift, spot bitcoin ETFs have attracted billions of funds from institutional and retail investors since launching earlier this year. As of November 19, BlackRock’s spot bitcoin ETF has seen more than $30 billion in net flows, with Nasdaq preparing to list options on BlackRock’s bitcoin ETF. Overall, 11 approved bitcoin ETFs manage just over $80 billion in assets to-date.

As bitcoin has surged, so has gold, but to a lesser extent. While the safe haven asset hit all-time highs of $2,790 on October 30, it has since dropped about 6% partially due to U.S. dollar strength.

However, a Trump presidency could bolster gold prices as a wave of new tariffs have the potential to disrupt global trade, leading investors to increasingly look to gold amid higher uncertainty.

Learn More on the Voronoi App

To learn more about this topic from a crypto perspective, check out this graphic on the ethereum-to-bitcoin ratio over the past decade.