Bitcoin versus Gold: Current Situation
The news that Bitcoin has overtaken gold in market capitalization is currently a hotly debated topic. As of May/June 2025, however, this is not true. Rather, analysts, including JPMorgan, see greater upside potential for Bitcoin in the second half of 2025 than for gold. This is primarily due to institutional investments, regulatory progress, and the limited supply of Bitcoin.
Current Market Capitalization: A Comparison
- Gold: Over 22 trillion USD.
- Bitcoin: Approximately 2.1 trillion USD.
- Comparison: Gold exceeds Bitcoin by more than 13 times. For Bitcoin to match, one Bitcoin would need to cost about 1.11 million USD.
Trends and Developments
Institutional Investments
The approval of spot Bitcoin ETFs by the SEC in 2024 was a turning point that led to increased investments by large financial firms. Additionally, companies like MicroStrategy have made significant investments in Bitcoin, boosting their performance.
Regulatory Progress
In some U.S. states like New Hampshire and Arizona, Bitcoin is gaining political weight. The maturing crypto derivatives market is providing institutional investors with more security and accessibility.
Performance Comparison
| Asset | Price Development (2015–2025) | Factor |
|---|---|---|
| Bitcoin | $314 → $111,000 | ~340x |
| Gold | $1,060 → $3,300 | ~3x |
Despite higher volatility, Bitcoin has shown impressive performance.
Importance for Private Investors
The trend towards digital assets is reflected in the investment decisions of private investors. Shifts from gold-based to Bitcoin-based ETFs are increasingly being observed. While gold has been the traditional store of value, Bitcoin is also gaining trust, particularly among younger generations.
Conclusion
Although Bitcoin currently still lags behind gold, many indicators suggest that the trend may slowly shift in favor of Bitcoin, which could lead to an alignment of market capitalizations in the long term.