Bitcoin’s relationship with traditional markets may be undergoing a significant shift. For much of the past year, Bitcoin traded closely alongside the Nasdaq, reinforcing its image as a technology-linked asset. However, that correlation has weakened sharply.
Bitcoin’s 90-day correlation with the Nasdaq has fallen from above 60% to 33%, according to recent data from Grayscale.
Source: Grayscale
At the same time, Bitcoin’s correlation with gold has moved higher. The relationship is now above 50% after Bitcoin spent much of last year trading relatively independently from the precious metal.
This does not mean Bitcoin has suddenly become gold. However, markets may be treating the two assets more similarly than before, particularly as investors reassess Bitcoin’s role as a scarce, non-sovereign asset.
Source: TradingView
Bitcoin has outperformed gold in recent weeks
Over the past five weeks, Bitcoin has gained approximately 22.2%, compared with a 13.3% increase for gold.
Although the two assets may now be moving in a more similar direction, Bitcoin remains the higher-beta version of the trade. If this trend continues, BTC could further establish itself as a scarcity asset without losing the upside potential that attracts investors.
Changpeng Zhao says Bitcoin could overtake gold
Speaking at Bitcoin Asia 2026 in Hong Kong, Binance founder Changpeng “CZ” Zhao said Bitcoin could overtake gold during the next bull market.
“I think Bitcoin will overtake gold pretty soon… In the next bull run, it could happen.”
The main obstacle is that governments already have decades of infrastructure built around gold, including valuation systems, custody arrangements and reserve-management frameworks.
Zhao said any transition from gold to Bitcoin would likely happen gradually, even if market prices moved more quickly. Gold remains roughly 10 times larger than Bitcoin by market size, although the gap has narrowed.
He also said he regularly advises governments to establish cryptocurrency reserves, with Bitcoin making up approximately half of the allocation.
“Bitcoin will, for sure, become more important than gold.”
Bitcoin’s role as a reserve asset
For years, Bitcoin has shifted between being viewed as a technology investment and a store of value. If its correlation with the Nasdaq continues to weaken while its relationship with gold strengthens, that distinction could become less relevant.
The bigger question may be whether institutions and governments begin treating Bitcoin as a reserve asset in its own right. Gold still holds important advantages, but Bitcoin has several factors supporting its case, including limited supply, portability and a growing institutional investor base.
- Bitcoin’s 90-day correlation with the Nasdaq has fallen to 33%.
- Bitcoin has outperformed gold over the past five weeks, rising about 22.2% compared with gold’s 13.3% gain.
- Binance founder Changpeng “CZ” Zhao expects Bitcoin could eventually overtake gold as a reserve asset.