Analysts indicate that Bitcoin could be worth half of gold at the next halving scheduled for 2028, with the recent rise in gold prices pushing the "equivalent" value of this cryptocurrency to $644,000.
"We have always said that Bitcoin should reach half the market value of gold after the next halving," Matthew Sigel, head of digital asset research at VanEck, posted on the X platform on Monday.
Gold futures have hit a historic high of over $4,000 per ounce, with traders flocking to this commodity, which has long been viewed as a safe-haven asset. Sigel stated that its record price "implies an equivalent value of $644,000 per Bitcoin."
Crypto analysts have long compared Bitcoin to gold, but so far this year, gold has outperformed Bitcoin, rising 50% amid increasing uncertainty in political developments, a weakening dollar, and sporadic tariff policies in the U.S.
Sigel noted that younger investors are viewing Bitcoin as a store of value, which is a primary use case that traditional investors typically associate with gold.
"About half of gold's value reflects its use as a store of value rather than industrial or jewelry demand, and surveys show that young consumers in emerging markets increasingly prefer Bitcoin to take on this role," he said.
Analyst Jordi Visser stated in June that the younger generation believes the financial system "is deteriorating every year," and their calls for increased public spending may also help drive up Bitcoin prices.
Meanwhile, veteran trader Peter Brandt mentioned that despite gold reaching peak highs, there may still be room for further increases.
"Gold could rise significantly before any meaningful pullback," Brandt wrote on the X platform on Monday. "How high will it go? I don't know!"
"But I am quite certain that at these levels, 'all-in' FOMO (fear of missing out) buyers will need deep pockets in the future," he added.
Bitcoin reached a historic high on Monday, breaking through $126,000 for the first time; however, Bitcoin critic and staunch gold supporter Peter Schiff stated that despite Bitcoin hitting a historic high, "it is still about 15% lower than its historical peak when priced in gold."
"Bitcoin needs to rise to about $148,000 to reach its historical peak when priced in gold," he added.
"I still think it's too early for Bitcoin holders to be excited about this rally. This is just a bear market bounce before Bitcoin can set a new high when priced in gold," he said.
However, Joe Consorti, head of growth at Bitcoin custodian Theya, stated that with the rise in gold, Bitcoin's "fair value bottom has been raised to $1.34 million."
Related: Gold is just a step away from $4,000: What does this mean for Bitcoin (BTC)?
Original: “VanEck: As Gold Prices Soar, Bitcoin (BTC) 'Equivalent' Could Reach $644,000 After 2028 Halving”
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