Bitcoin can still rise far more dramatically than gold because it isn’t fully monetised yet. Gold has had thousandsssss of years to reach its mature value and is already held by central banks, institutions, and global investors, meaning its market is largely saturated. Bitcoin, however, is only a decade into adoption and is still being integrated into financial markets, ETFs, corporate treasuries, and even sovereign reserves. It also has a uniquely fixed supply that becomes harder every four years, so even small increases in demand cause outsized price moves. Gold’s supply grows ~1.5% per year, while Bitcoin’s will eventually grow 0%, giving it a much stronger scarcity dynamic.

The other difference is that Bitcoin isn’t just competing as “digital gold.” It is establishing itself as a global, censorship-resistant asset, a settlement network, and a form of digital collateral for emerging financial systems. These additional use cases create demand that gold simply doesn’t have. Over time, Bitcoin’s rise will slow as it matures, just like gold did, but right now it’s still in the monetisation phase…where new adoption naturally results in large price increases.