Cathie Wood says Bitcoin (BTC) still has far to run after the ratio measuring it against gold reached 18, the strongest reading since January.
Key Points:
- ARK Invest's September commentary called Bitcoin's showing against gold reassuring and said the asset still has miles to go.
- The Bitcoin-to-gold ratio hit 18.17, its highest since January, with Bitcoin up roughly 22% over the past month against gold's 2% gain.
- Both assets rallied together on debasement fears, and analysts remain split on whether the shift will last.
Bitcoin Gold Ratio Hits Eight-Month High
ARK Invest laid out the argument in its September market commentary, returning to a framing that Wood has leaned on for several years.
She described Bitcoin as three overlapping revolutions at once, a technology platform, a monetary system with no issuer, and the first member of an asset class that did not exist before 2009. She called the recent move very reassuring.
The ratio divides Bitcoin's dollar price per coin by gold's price per ounce, and it climbed to 18.17 on TradingView data, the highest reading in eight months.
Over the past month Bitcoin gained about 22% while spot gold rose 2%.
Bitcoin traded near $78,000 on Tuesday. That followed a brief push above $82,000 last week that buyers could not hold, which leaves the ratio rather than the dollar price carrying her case. Gold has held its own bid through the same stretch, so the shift reflects relative strength rather than a broken safe haven trade, and both assets had trailed this year's AI driven stock rally.
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Bessent Debt Remarks Lift Hard Assets
Both assets have climbed as investors weigh government finances, with every major advanced economy except Switzerland now carrying debt above 100% of annual output. Treasury Secretary Scott Bessent told G20 finance ministers in Asheville, North Carolina, that the world is awash in debt and that growth offers the only way out.
SkyBridge Capital founder Anthony Scaramucci seized on that line, calling it the best Bitcoin advertisement of the year. Skeptics counter that a rising ratio may simply reflect Bitcoin's greater volatility, amplifying the same debasement story faster than gold can move. That gap in readings matters for anyone sizing a long term position.
Strategy Buying Tests Wood's Thesis
Institutional demand has held through the chop, with spot Bitcoin funds in the United States taking in close to $1 billion over one recent week. Strategy disclosed it bought 4,603 Bitcoin for about $370 million in late August, lifting its holdings to 845,050 coins, though Michael Saylor's firm paid $80,318 apiece and now sits below that mark.
The comparison has run the other way for most of the past year. Bitcoin set a record near $126,000 in October 2025 and has traded below it since.
It ended 2025 down about 7% for the year while gold surged more than 70%, a stretch that turned Wood's cycle argument into a much harder sell.
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