Bitcoin advocates have long described the cryptocurrency as “digital gold,” with both assets acting as stores of value despite generating no income and being inherently difficult to price. 

Market research firm Yardeni Research says “both the cryptocurrency and the precious metal are impossible to value because they don’t pay any interest or dividends.” Bitcoin’s supply is capped, while gold’s higher prices can eventually encourage more mining and expand available supply. 

Yardeni also flags practical contrasts, with Bitcoin existing digitally and potentially vulnerable to future technological threats, while gold must be physically stored.

Bitcoin has seen dramatic swings over the past decade, remaining mostly below $10,000 between 2017 and 2019, surging to nearly $70,000 in 2021, collapsing below $20,000 in late 2022, and then soaring to almost $125,000 in late 2025 before retreating toward $90,000.

Gold, meanwhile, broke decisively above $2,000 per ounce in March 2024 after a multi-year consolidation, a move that marked the start of a sustained rally. Yardeni points out that gold has climbed roughly 2.5 times since that breakout, while silver has risen about 3.7 times following its own technical move higher in early May 2024.

After gold pushed past $3,000 in early 2025, the firm began projecting a rise toward $10,000 by the end of the decade. “That would be a five-fold increase from its breakout to new highs in 2024,” Yardeni said. 

Gold hit fresh records after President Donald Trump said “the dollar is doing great,” a comment Yardeni interprets as welcoming a weaker currency. A softer dollar tends to hurt Bitcoin by lowering its value in foreign currencies, potentially prompting overseas investors to take profits or cut exposure and shift into gold.

“A weaker dollar may put upward pressure on U.S. inflation, which would also boost the price of gold,” Yardeni said.