Some experts note that Bitcoin's continued growth does not require a mandatory decline in gold prices. They point out that digital currency and precious metals have different demand sources and distinct macroeconomic drivers. As a result, the relationship between them is not always direct and can be more complex than often assumed.
Experts' Views on the Bitcoin-Gold Relationship
Glassnode — James Check
Glassnode analyst James Check stated that the common belief that metal prices must fall for Bitcoin to rise is based on an oversimplified view of price dynamics. In his assessment, Bitcoin and gold are often mistakenly seen as direct competitors, although their behavior within economic cycles can differ significantly. This means the same macro factors can affect each asset differently and at different times.
Lyn Alden — Macroeconomist
Macroeconomist Lyn Alden shares the idea that Bitcoin and gold develop in parallel. She emphasizes that these assets may respond to the same factors but do so differently and over varying time intervals. According to Alden, the recent increase in the Bitcoin-to-gold ratio is partly explained by the fact that the past year was challenging for Bitcoin, while gold demonstrated stability.
Current Market Dynamics
At present, the Bitcoin-to-gold ratio has risen to 19.29 points, while gold has reached a historic high, approaching the $4540 mark. Analysts associate this dynamic with expectations of a gradual easing of monetary policy by the Federal Reserve, which increases interest in the precious metal. For a more detailed analysis of recent price activity, see the article on Bitcoin and gold price dynamics.
Specifically regarding Bitcoin, it has been under strong pressure since October 2026: at the beginning of the month, it reached a historic peak of $125K, but afterward entered a prolonged decline phase. These fluctuations reflect the differing nature of market reactions to the same macro factors — more details on why Bitcoin weakens while metals rise can be found in the article Why Bitcoin is weakening.
Macroeconomic Factors
Analysts note that both gold and Bitcoin can react to expectations regarding monetary policy, including signals of easing from the Federal Reserve. However, the mechanisms of reaction differ: the same change in expectations may initially impact gold more strongly and later affect cryptocurrency. This explains the observed price dynamics mismatch and why simple correlation does not always reveal the true relationship.
Specialists' Forecasts and Conclusions
Many experts believe that gold's successes in the near future will positively influence Bitcoin as well, with the effect potentially appearing with a delay. At the same time, specialists warn that parallel development does not mean identical movements: Bitcoin and gold may respond differently to the same factors. This necessitates careful monitoring of both markets and key macroeconomic signals.
Why This Matters for Miners
If you mine cryptocurrency in Russia, it is important to understand that gold's rise alone does not provide an immediate indicator for your earnings. Mining profitability directly depends on Bitcoin's price, electricity costs, and operational expenses—not on the price of gold itself. However, macro factors influencing gold may indirectly affect Bitcoin's price later, so tracking them makes sense.
Moreover, the different timing of asset reactions means decisions about selling equipment, reducing capacity, or changing operational models should not be based solely on gold's movement. To assess the situation, it is advisable to simultaneously consider Bitcoin's dynamics, monetary policy news, and your mining farm's economic indicators.
What Miners Should Do: Practical Steps
The recommendations below suit miners with any amount of equipment—from a single rig to hundreds. They will help maintain business resilience amid divergent gold and Bitcoin dynamics.
- Regularly monitor Bitcoin price and key macro signals—changes in monetary policy expectations may first affect gold, then cryptocurrency.
- Control expenses: review electricity rates, equipment efficiency, and planned capital investments.
- Avoid abrupt capacity changes solely due to gold price fluctuations—base decisions on Bitcoin trends and your operational metrics.
- Consider revenue diversification: keep some funds in reserve, convert part to your usual currency to cover expenses.
- Follow analytics and expert opinions (e.g., Glassnode) and use them as one of several decision-making sources, not the sole guide.