Bitcoin vs. gold: 26% relative undervaluation
Bitcoin is 26% undervalued relative to gold, according to WisdomTree's model, suggesting a shift from risk asset to monetary asset.Summary
The article argues that Bitcoin is evolving into a monetary asset, competing with gold for macro allocations, rather than being solely a risk asset. Dovile Silenskyte of WisdomTree introduces the Bitcoin in Gold (BiG) model, which suggests that as of March 31, 2026, Bitcoin is 26% undervalued relative to gold, with an actual ratio of 15.6 compared to a model fair value of 21.1. This undervaluation is attributed to current macro conditions, where Bitcoin reacts more aggressively to shifts in real yields, liquidity, and currency strength than gold. The model identifies three potential macro scenarios for the next 12 months, each leading to different outcomes for the Bitcoin-gold ratio. For investors, this presents opportunities for relative value trades, allocation tilts, and macro overlays. The article also touches on insights from Joshua de Vos regarding global exchanges, noting an evolution in institutional standards and a concentration of volume at top-tier venues, despite persistent systemic vulnerabilities like flash crashes. Additionally, it highlights recent headlines indicating increased institutional capital flowing into crypto infrastructure, alongside potential selling pressure from a large Bitcoin holder.
(Source：CoinDesk)