Morning Minute: Bitcoin vs Gold and the Race to New ATHs

Both Bitcoin and Gold are benefitting from the debasement trade, with Gold leading gains YTD. Will that trend continue?

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s top news:

Both “digital gold” and the original just printed fresh ATHs.

Gold has been the faster horse so far this year - but will that trend continue?

Bitcoin broke to a new all-time high on Oct 6, reaching $126,000.

Then just 2 days later, Gold hit a new ATH at $4.070.

That puts gold up a whopping 52% YTD, vs a paltry 32% for Bitcoin.

Each has their own set of drivers, with Bitcoin riding a $5.3B wave of ETF inflows and IBIT rising to the top spot for all ETFs.

While gold continues to benefit from rate-cut bets, safe-haven demand and central banks piling in.

But Bitcoin still pales in size to gold. Gold is sitting at just over $27T in market cap, while Bitcoin is at $2.6T.

That means gold is over 10x Bitcoin’s market cap. And in fact, Gold has added the entire crypto market cap of $4.2T over just the past 3 months.

We’re so early.

So which asset has the better setup in October 2025?

The safe bet is to own both.

But being a gambling man myself, I like Bitcoin’s setup more.

Overall the primary driver of both assets is the debasement trade, and that fundamental driver isn’t going away any time soon.

What separates Bitcoin from gold for me personally is the generational wealth transfer that will happen over the coming decades as boomers leave their wealth to millenials and zoomers.

That’s a generation raised in the digital age, and they are much more likely to turn to digital gold (Bitcoin) over traditional.

I like Bitcoin to close the gap over the coming decade significantly and eventually flip. But that’s likely decades away…

A few Crypto and Web3 headlines that caught my eye:

Here’s a rundown of major token, protocol and airdrop news from the day:

Here is the list of other notable headlines from the day in NFTs:

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