The two years between November 2022 and November 2024 have seen the value of gold and Bitcoin move more or less together. Both assets have been seen as hedges against inflation.
Bitcoin has increased by over 400% in that time, with gold up 67%.
However, recently (September 2025), there has been a distinct change. Gold has continued to rise, hitting all-time highs above $3600 per ounce, while Bitcoin has faltered, down 8%.
In this article, we examine whether Gold and Bitcoin are no longer in sync.
Potential Divergence
When we look at the correlation between gold and Bitcoin, an interesting view emerges. Looking at the data across different timeframes.
The K33 analyst explains that the current 30-day rolling correlation between Gold and Bitcoin is +0.11, which indicates a weak positive relationship.
The 90-day rolling correlation shows a slightly negative correlation at -0.09.
The 365-day correlation indicates +0.026, showing independence between the assets.
Read this article on why entrepreneurs should consider holding gold:
Why Are They Decoupling?
Gold’s rise has been fuelled by many factors, including geopolitical uncertainty, economic uncertainty caused by government debt and inflation concerns. As a result, investors flock to gold in times of uncertainty.
Bitcoin’s performance is made up of a complex mix of speculative cycles and institutional trends.
As Bitcoin’s institutional adoption has risen, so has its correlation with traditional markets. Therefore, any sell-offs in tech-heavy investments, can tend to drag Bitcoin downward.
In essence, Gold is seen as a safe-haven asset during equity downturns to protect capital, while Bitcoin is increasingly seen as a good way to generate yield.
Implications for Investors
If gold and Bitcoin continue to decouple, holding both could offer real diversification benefits.
For example, one could act as a stable hedge (gold), and the other could offer yield with asymmetric upside potential (Bitcoin).
While gold remains dependable, it must be noted that Bitcoin does still carry significant volatility; therefore, holding Bitcoin alone could expose investors to large swings in price.
Entrepreneurs and Investors who hold gold alone should understand that they could lose out on the potential surge in the price of Bitcoin, should market conditions change.
The divergence of Bitcoin from gold also challenges the “digital gold” narrative of Bitcoin supporters. So, investors should be careful to decide if their purpose is to preserve capital or to expose themselves to potential downwards risk and subsequently to the large yields on the upside.
Read this article on why entrepreneurs should consider holding silver:
Looking Ahead
Scenario A: Re-correlation
Should monetary policies boost sentiment, Bitcoin may realign with gold. Increased institutional holdings and ETFs (Exchange Traded Funds) could increase this.
Scenario B: Sustained Divergence
If the market continues to be volatile and the market perceives Bitcoin differently, gold could potentially pull further ahead, widening the negative correlation with Bitcoin.
Scenario C: National Reserve Shifts
Gold’s appeal to central banks worldwide, in particular during times of economic uncertainty, geopolitical tensions and a weak dollar, could see gold continue to rise significantly despite the price of Bitcoin.
Read this article on the potential revaluation of gold:
Final Thoughts
The recent rally of gold while Bitcoin slides indicates a potential divergence of the two assets.
The decoupling offers entrepreneurs and investors an opportunity to capitalise on both the preservation of capital (gold) and the potential upside of yields (Bitcoin) in economically uncertain times.
Holding both may be an option for savvy entrepreneurs and investors to protect against potential uncertainties that may lie ahead.
Good luck!
***Disclaimer: This article is not financial advice and is given for informational purposes only. Readers should conduct their own research and not invest more than they can afford to lose. Crypto is extremely volatile, and as such can drop in value considerably without notice. You should always seek legal advice to understand if the use or investment in crypto is allowed in your jurisdiction.
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***Disclaimer: This article is not financial advice and is given for informational and entertainment purposes only. Readers should conduct their own research and not invest more than they can afford to lose. Crypto is extremely volatile, and as such can drop in value considerably without notice. Pop Up World has a global presence and is not specifically targeting any jurisdiction with its content. Any crypto references are not intended for UK businesses or consumers. You should always seek legal advice to understand if the use or investment in crypto is allowed in your jurisdiction.
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