Bitcoin vs 1 kilo of Gold - 5 years chart
As of October 21, 2026, 1 Bitcoin (~$83,000) buys roughly 0.63 kg of gold, while 1 kg of gold (~$132,600) costs about 1.6 BTC.Current approximate prices:
- Bitcoin: ~$82,800–$83,100
- Gold: ~$4,120 per troy ounce → 1 kg ≈ $132,500–$133,000 (using 32.15 troy oz/kg)
This means 1 BTC ≈ 20.1 ounces of gold (or ~0.63 kg). The BTC/gold ratio (ounces per BTC) peaked near 40 ounces in December 2024 and has roughly halved since, as gold strongly outperformed in 2025 while Bitcoin lagged after its ~$126k ATH in October 2025
- 2024–2025: BTC/gold ratio hit a cycle high (~40 oz/BTC) around the December 2024 peak. Gold then dominated 2025 (~+60–70% YTD, driven by central-bank buying, ETF inflows, and macro uncertainty), while BTC was roughly flat-to-down after its October 2025 ATH. The ratio fell ~50% to the ~20 oz range.
- Recent (2026): Both have been relatively flat-to-soft YTD. BTC remains far more volatile; gold has acted more like a traditional store of value in the latest cycle.
- Ratio notes: 1 BTC currently buys ~0.63 kg gold. The inverse (BTC needed for 1 kg gold) has been in the ~1.5–2.3 range recently depending on exact prices.
Practical framing
- Portfolio role: Gold as the lower-volatility ballast / geopolitical hedge; Bitcoin as the higher-convexity, higher-volatility asset with larger upside (and drawdown) potential. They are imperfect substitutes; many treat them as complementary rather than pure alternatives.
- Base case tilt: Mild relative preference for Bitcoin over a multi-year horizon if liquidity conditions stay supportive and adoption continues, given the historical ratio expansion bias in risk-on phases. However, the current ~20 oz level does not scream “extreme value” the way sub-10 oz did in prior troughs.
- Risks: BTC remains sensitive to equity weakness and rate spikes (elevated beta). Gold can underperform sharply in strong risk-on / rising-real-rate environments. Regulatory, technological, or macro surprises can disrupt either narrative.
Veblen good vs Scarcity?
We see BTC as being more a beta play like GAFAM while gold is supported by central banks continued buying.
