Bitcoin's Gold Ratio Hits Widest Point Since January as Both Assets Rally

Bitcoin climbed back above $81,000 on Friday, and one full bitcoin now buys a little more than 18 ounces of gold, the widest gap since January. Every major token gained on the session, with Zcash leading the pack at a 15% jump, according to CoinDesk. The rally in both bitcoin and gold is being driven by the same underlying worry: fears that governments will inflate away sovereign debt rather than repay it in full value. That shared narrative has pushed both assets higher together even as bitcoin outpaces gold on a relative basis. What's unresolved is whether bitcoin can keep widening its edge over gold if the Fed's rate path turns more dovish than expected, which has historically supported both assets but has at times favored gold's traditional safe-haven status over bitcoin's more volatile profile.