A record surge in gold prices could propel the value of Bitcoin to $644,000 per coin, suggested VanEck’s Head of Digital Assets, Matthew Sigel.
We’ve been saying Bitcoin should reach half of gold’s market cap after the next halving. Roughly half of gold’s value reflects its use as a store of value rather than industrial or jewelry demand, and surveys show younger consumers in emerging markets increasingly prefer Bitcoin…
— matthew sigel, recovering CFA (@matthew_sigel) October 7, 2025
On October 7, the price of December gold futures on the New York Mercantile Exchange reached $4,000 for the first time. At the time of writing, the precious metal is trading around $3,957 per ounce, according to TradingView.
Sigel noted that after the next halving, Bitcoin’s market capitalization could grow to half of the total gold market value, highlighting its increasing role as a store of value.
Bitget’s Chief Analyst, Ryan Lee, shares a similar view. In a comment to ForkLog, he stated that investors are increasingly moving away from fiat currencies towards rare and state-independent assets. Bitcoin has established itself as ‘digital gold,’ combining limited issuance, mobility, and 24/7 accessibility.
“Not a Reason for Optimism”
Renowned cryptocurrency critic Peter Schiff stated that Bitcoin reaching a new all-time high above $126,000 is not a reason for optimism. According to him, in terms of gold, its value is still about 15% below the record level. Until the first cryptocurrency reaches $148,000, “it’s just a rally within a bear market.”
Bitcoin also made a new high today, trading above $126K. But it terms of gold, it’s still about 15% below its record high. I still think it’s too early for Bitcoiners to get excited about the rally. Until Bitcoin can make a new high priced in gold, it’s just a bear market rally.
— Peter Schiff (@PeterSchiff) October 6, 2025
According to Joe Consorti, Head of Development at Theya, further appreciation of the precious metal raises Bitcoin’s “fair” value to $1.34 million.
With gold now at $26.7 trillion, bitcoin’s fair value floor has been lifted to $1.34 million.
You can acquire it today at a 91% discount. https://t.co/2k7wdZamz4
— Joe Consorti ⚡️ (@JoeConsorti) October 7, 2025
Sigel noted that about half of gold’s value is determined by its function as a store of value, rather than industrial or jewelry demand. Research indicates that young consumers in emerging markets are increasingly choosing the first cryptocurrency as an alternative.
Lee added that a structural redistribution of institutional capital is currently underway. Bitcoin’s share in investment portfolios could eventually approach gold’s historical share of 5-10%. This is evidenced by the increasing inflow of funds into spot Bitcoin-ETFs and the growing proportion of the coin in corporate reserves.
In the context of rising budget deficits, increasing government debt, and loose monetary policy, digital and physical gold are becoming key capital preservation tools, according to Lee.
He believes that demand for such assets from investors will remain high, and the first cryptocurrency will continue to gain popularity as a means of safeguarding savings in an era of currency devaluation.
In September, the World Gold Council launched a pilot project to tokenize the precious metal.