On April 17th (local time), gold prices reached an all-time high of $3,357 per ounce (approximately 4,909,000 won), drawing attention to the potential further rise of Bitcoin (BTC). As the traditional safe-haven asset gold shows strength, expectations are rising that Bitcoin, often called digital gold, could also benefit similarly.
This sharp increase in gold prices is interpreted as a result of heightened geopolitical tensions and uncertainty in the US economy. The Federal Reserve's (Fed) changing stance suggesting potential interest rate cuts and conflicts in the Middle East stimulated investors' risk-averse sentiment and drove up gold demand. Consequently, a preference for safe-haven assets spread across the asset market, raising the need to reassess alternative assets like Bitcoin.
Michael Novogratz, founder of cryptocurrency investment firm Galaxy Digital, mentioned in a recent interview that "gold's new high could be a strong tailwind for Bitcoin" and warned about the possibility of US political uncertainty and Trump's pro-cryptocurrency stance being reflected in the market. He emphasized the emotional connection between the two markets, stating that "while gold and Bitcoin are different assets, investor sentiment is surprisingly similar".
However, not all experts believe gold's rise will directly translate to Bitcoin's increase. Mike McGlone, senior strategist at Bloomberg Intelligence, noted that "unlike gold, Bitcoin remains sensitive to macroeconomic policies and regulatory issues" and predicted a wait-and-see attitude would prevail until specific policy announcements after Trump's presidency.
Meanwhile, Bitcoin continues to trade around the $63,000 range. While gold and Bitcoin have previously risen together, there were clear differences in timing and scale of increase. The industry is focusing on whether this gold surge will provide meaningful stimulation to the Bitcoin market in the short term.
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