Bitcoin's Correlation With Gold Is Suddenly on the Upswing. Are Investors About to See the Return of Bitcoin as "Digital Gold"?

On Aug. 19, the U.S. Treasury Department said it would at least double its repurchases of 10- to 30-year debt, an intervention the market promptly reversed. Bitcoin (CRYPTO: BTC) started to surge, as did the SPDR Gold Shares ETF (NYSEMKT: GLD), which tracks the price of gold -- a continuation of a shift that had already been building for weeks, reversing many months of the two assets tending to move in different directions in response to the same economic stimuli.

That parallel movement in response to government actions affecting the money supply is exactly what the as-yet-unproven "digital gold" thesis about Bitcoin predicts. In fact, CryptoQuant chief executive Ki Young Ju flagged in mid-August that Bitcoin's 90-day correlation with gold has once again swung from being negative in early 2026 to being strongly positive now. So is the digital gold thesis back on the menu, and if so, what would that mean for investors?

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