Asset traders are used to Bitcoin behaving a certain way. That may be changing now. In fact, for much of the past year, BTC moved closely with the Nasdaq. In doing so, it confirmed BTC’s technology asset nature.
This has gone for a toss now. Especially since according to recent readings, Bitcoin’s 90-day correlation with the Nasdaq fell from above 60% to 33%.
On the other hand, its correlation with gold has moved in the opposite direction. It is now above 50% after spending much of last year a lot more detached.
Does this mean Bitcoin has suddenly become gold? Absolutely not. However, the market may be treating both assets a lot more similarly than before.
Consider this — Over the last five weeks, Bitcoin has gained by about 22.2%, compared to gold’s 13.3% hike.
Now, while the assets may move similarly, Bitcoin is still perhaps the higher-beta version of the trade. Pending continuation, BTC could cement its place as a scarcity asset without giving up the upside investors expect from it.
What is the real hurdle? CZ says…
Speaking at Bitcoin Asia 2026 in Hong Kong, Binance founder Changpeng “CZ” Zhao claimed that BTC could overtake gold in the next bull cycle.
I think Bitcoin will overtake gold pretty soon… In the next bull run, it could happen.
The roadblock, however, is that governments already have decades of infrastructure built around gold; from valuation frameworks to custody and reserve management.
Zhao added that any move to Bitcoin will be gradual, even if the market itself moves faster. Gold is still roughly 10x larger than Bitcoin, but the gap is smaller than it was.
He also noted that he routinely advises governments to build crypto reserves, with Bitcoin accounting for roughly half of the allocation.
Bitcoin will, for sure, become more important than gold.
Looking ahead…
For years, Bitcoin’s gone back and forth between being a tech trade and a store of value. If the Nasdaq link keeps weakening while its gold link betters, that middle is bound to disappear.
Hence, the question is maybe about institutions and governments beginning to treat it as a reserve asset in its own right.
Gold may have the advantage. However, Bitcoin has a lot of key factors like scarcity, portability, and a growing institutional base to make its case.
Final Summary
- Bitcoin’s 90-day Nasdaq correlation fell to 33%.
- BTC has been outperforming gold lately, with Binance’s CZ predicting a possible flip in reserve asset choices.
