Two leading market commentators, Merlijn The Trader and Anthony Pompliano, are drawing attention to a growing trend: capital moving out of gold and into Bitcoin as traditional safe-haven appeal fades.
Bitcoin Gains When Gold Peaks
Merlijn The Trader highlighted that each of gold’s recent cycle peaks has preceded massive Bitcoin rallies. In 2017, when gold topped, Bitcoin surged 30x. The 2020 gold peak was followed by a 6x Bitcoin rally, and he now believes that 2025’s gold high could mark the start of a Bitcoin supercycle.
WHEN GOLD FINISHES… BITCOIN TAKES OVER.
2017: Gold peaked: Bitcoin x30
2020: Gold peaked: Bitcoin x6
2025: Gold peaked: Supercycle timeCapital rotates.
You just have to follow the flow. pic.twitter.com/Kx250fcV6G— Merlijn The Trader (@MerlijnTrader) October 13, 2025
“Capital rotates,” he wrote. “You just have to follow the flow.” His chart shows clear moments where money exiting gold has historically flowed into Bitcoin, suggesting investors may again be preparing for the next leg up.
Gold Loses Value in Bitcoin Terms
Pompliano echoed the same shift, noting that gold has lost 84% of its value relative to Bitcoin since 2020. “Gold has been a disastrous investment,” he stated, emphasizing Bitcoin’s outperformance as the superior store of value. According to data compiled by Phil Rosen and Bloomberg, one Bitcoin now buys roughly 16 times more gold than it did five years ago.
“Bitcoin is the hurdle rate,” Pompliano said. “If you can’t beat it, you have to buy it.”
The Flow of Capital
Gold has been a disastrous investment since 2020.
It has lost 84% of its purchasing power compared to a finite sound money asset like Bitcoin.
Bitcoin is the hurdle rate.
If you can't beat it, you have to buy it.
(Chart: @philrosenn) pic.twitter.com/OJx1RbQvdc
— Anthony Pompliano 🌪 (@APompliano) October 12, 2025
Both analyses point to a clear trend: investors are increasingly viewing Bitcoin as the modern replacement for gold in a digital-first economy. With gold’s purchasing power stagnating and Bitcoin’s scarcity narrative gaining traction, analysts believe the next major wave of capital rotation may already be underway.
