Something changed in Q1 2024 between Bitcoin & gold. Top: Bitcoin Bottom: gold They moved in lockstep at the beginning of the bull market (and even in the bear market of 2022), but they've completely diverged since February 2024. Here's the challenge though... Gold's rally hasn't experienced any big pullbacks since February 2024, so we don't really know how BTC will perform in an environment if/when gold is falling. Bitcoin's best rallies since 2024 have occurred when gold was stagnant. A lot of Bitcoiners are predicting that gold needs to fall in order for Bitcoin to rally again... but I don't know if that's actually true. It sounds good on paper, but look at the data... In 2023, gold's declines were mirrored with Bitcoin declines. If gold declines here, we need to embrace nuance.(Caleb Franzen)