Study Finds Bitcoin Outperforms Gold and Stocks After Global Crises

WisdomTree’s digital asset research argues that Bitcoin is evolving from a highly volatile risk asset into a monetary asset capable of competing with gold. Both have scarce supplies, are politically neutral and can serve as stores of value, making their relative valuations increasingly relevant to macro asset allocation.

As of July 20, 2026, WisdomTree’s analysis indicated that Bitcoin was about 26% undervalued relative to gold, suggesting its status as a monetary asset was not yet fully reflected in its price. The report provided no specific transaction value or research publication date, focusing instead on the valuation gap between the two assets.

Bitcoin is often described by its proponents as “digital gold,” but it typically remains more volatile than physical gold during periods of market stress. On March 18, 2026, the U.S. Federal Reserve held the federal funds rate at 3.50%–3.75% and raised its full-year PCE inflation forecast to 2.7%. With conflict in the Middle East driving up oil prices and inflation concerns, the resilience of both assets came into focus.

On March 19, Bitcoin traded at about $70,235, down 1% on the day, while gold fell 2%, dropping below $4,700 an ounce and retreating 17% from its January peak. Brent crude rose more than 6% in 24 hours to $117. By March 29, CME FedWatch showed a nearly 30% probability that rates would end the year above the current range, while the probability of rates falling below the current level was just 2.9%.

Global geopolitical tensions have driven oil prices higher and triggered simultaneous declines in stocks and bonds, straining market liquidity. JPMorgan said gold liquidity has fallen below that of Bitcoin. Bitcoin has shown relative resilience as safe-haven assets are repriced, drawing attention to whether digital assets can capture demand that might otherwise flow into gold.

Gold recently fell below $4,500 and crude oil climbed above $110 a barrel, while equity and credit markets weakened in tandem. Bitcoin nevertheless held the $70,000 level and outperformed gold. Bitcoin ETFs recorded more than $1.1 billion in net inflows in March, while the total market capitalization of altcoins had risen about 12% from early February as of the latest reporting.

Bitcoin has characteristics of both a hard asset and a high-risk technology asset. Although growth in global M2 supports its long-term trajectory, speculative capital continues to shape the scale of its gains. Fidelity’s head of global macro, Jurrien Timmer, noted that Bitcoin surged alongside software stocks when the latter rose about 58% in 2017–2018 and 93% in 2020–2021. When software stocks fell about 58% in 2022, Bitcoin also declined sharply.

As of February 27, 2026, gold had gained 153% since the start of 2024, while Bitcoin had fallen 30% over the same period. Binance launched round-the-clock gold futures on January 5, with cumulative trading volume closing in on $35 billion, a daily peak of more than $4 billion and a weekly average of $4.7 billion. CryptoQuant said the total value of assets on the exchange had fallen from $140 billion in August 2025 to $102 billion, its lowest since April of that year, signaling an outflow of capital from the platform.