Is StoneX or Bitwise Right About Bitcoin and Gold?

StoneX analyst Fiona Cincotta says current economic conditions favor Bitcoin (CRYPTO:BTC) over gold, while Bitwise data shows these two assets have moved more closely together than at any time in six years. With Bitcoin’s 90-day correlation to gold hitting 0.50—a six-year high—investors are…

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StoneX analyst Fiona Cincotta says current economic conditions favor Bitcoin (CRYPTO:BTC) over gold, while Bitwise data shows these two assets have moved more closely together than at any time in six years. With Bitcoin’s 90-day correlation to gold hitting 0.50—a six-year high—investors are left wondering whose viewpoint is more accurate.

As of September 25, 2026, Bitcoin is trading at $84,362, up 7.1% over the past month. Gold, meanwhile, is priced at around $4,294 per ounce, meaning one Bitcoin can buy approximately 20 ounces of gold. So, which perspective should Bitcoin and gold investors trust?

StoneX Says the Same Trade Is Moving Bitcoin Further Than Gold

According to Cincotta, the breakout in Bitcoin’s price can be traced back to August 19, when the U.S. Treasury announced plans to increase its buybacks of long-term bonds. Bitcoin surged past $65,000 that day and climbed to about $87,000 by the week of September 21—an impressive gain of roughly 34%. During this period, Bitcoin exchange-traded funds (ETFs) attracted about $4.6 billion, and Cincotta estimates Bitcoin’s quarterly gain at 44%.