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Macro uncertainty is accelerating demand for safe havens like gold and Bitcoin [BTC] compete for investors’ attention.
Gold hit a new record above $4,420 per ounce on December 22, 2025. This move reflected persistent inflation concerns, geopolitical risks and renewed demand from central banks.
Gold’s performance reinforced its status as a traditional haven during periods of macroeconomic stress.
BTC Sentiment strengthened alongside gold’s rally, reviving comparisons between the two assets. Investors once again wondered whether BTC could benefit from gold-driven capital reallocation.
Kazakhstan’s reserve strategy adds fuel to the story
Attention increased after reports claimed that Kazakhstan planned to sell some of its gold reserves. The country reportedly wanted to allocate up to $300 million in BTC and crypto assets.
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Is Kazakhstan planning to sell gold at ATHs to buy the Bitcoin dip? If confirmed, such a move would reflect opportunistic reserve management, rather than defensive positioning, through a reallocation from a well-performing asset to one trading below recent highs.
Sentiment is changing as Bitcoin dominates long-term preference
Public sentiment indicators added a new dimension to the discussion.
Longtime gold advocate Peter Schiff has often described Bitcoin as purely speculative. To reinforce his opinion, he recently shared an opinion poll.
The poll asked participants how they would invest $100,000 by December 19, 2028. The choices were simple: Bitcoin, gold or silver as one long-term investment.
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Bitcoin led the poll with 62.4% of responses, indicating stronger long-term investor preference compared to gold and silver. The result highlighted a clear shift in sentiment towards BTC as a long-term allocation.
What does historical data say about the rotation from gold to Bitcoin?
Analyst Darkfost argued that the gold-to-Bitcoin rotation story lacks consistent historical support.
At the time of gold’s breakout on December 22, 2025, BTC was trading around $88,000. Using a 180-day moving average, he showed that Bitcoin’s strength did not reliably track gold’s peaks.
Source: CryptoQuant
Positive signals appeared as BTC traded above the 180-day average, while gold traded below it. Negative signals occurred when both assets traded below their respective averages.
However, results varied widely between cycles. BTC sometimes outperformed after a gold rally, but in many cases both assets moved together. Darkfost’s message was clear: gold reaching new highs does not automatically lead to capital rotation into Bitcoin.
Final thoughts
- Gold’s ATH has revived Bitcoin rotation narratives, but historical evidence remained mixed and context-dependent.
- Sentiment and signals on government bonds increased, but consistent capital rotation into Bitcoin remained unproven.