On Christmas Day, Coinbase CEO Brian Armstrong said the quiet part out loud: Bitcoin isn’t just “digital gold”… it’s a better form of money than gold. And if he’s right, the market is still pricing Bitcoin like a speculative toy — not a global reserve contender.
Here’s the math Wall Street can’t ignore:
Gold sits around $31.3T in market cap. Bitcoin is about $1.7T. That means Bitcoin is trading at roughly 5.6% of gold’s value — and if Bitcoin truly competes as the superior store of value, it’s not “a little undervalued”… it’s potentially ~18x undervalued.
But the bigger story isn’t the headline — it’s who’s buying during the crashes.
At the New York Times DealBook Summit, BlackRock CEO Larry Fink said sovereign wealth funds have been accumulating Bitcoin — buying at $120K, $100K, and even loading up when it dipped into the $80Ks. Not trading. Holding.
And filings back it up:
Abu Dhabi Investment Council reportedly tripled its position in BlackRock’s Bitcoin ETF in Q3 2025 (to nearly 8M shares, about $518M).
Mubadala held 8.7M shares worth roughly $567M.
That’s $1.1B+ from just two funds in one country — and Fink strongly implied there are more he can’t name (yet).
So ask yourself: If the most conservative capital on Earth is buying Bitcoin on dips… what do they see coming?
Why the “gold supremacy” narrative is cracking
Armstrong’s argument is simple — and brutal:
Gold is heavy (transport, storage, insurance, border friction).
Gold is hard to divide (not practical for precision transfers).
Gold is hard to verify (purity fraud is a real-world problem).
Gold supply grows every year (miners keep digging).
Bitcoin?
Moves globally in minutes
Divides into 100M satoshis
Verifies on a public ledger
Has a fixed cap: 21M
And by 2035, ~99% of Bitcoin will be mined
That’s not narrative scarcity. That’s coded scarcity.
Even JPMorgan is conceding the valuation gap
In August 2025, JPMorgan research suggested Bitcoin looked undervalued vs. gold on a volatility-adjusted basis — pointing toward ~$170,000 as a fairer valuation. Then in October, they updated the view: Bitcoin could be up to 42% undervalued relative to gold as volatility compresses.
And that’s a huge shift: Bitcoin’s rolling volatility has been falling — meaning the “it’s too risky” discount gets harder to justify over time.
The 2035 “flip” thesis
Michael Saylor (whose company holds ~641,000 BTC, roughly 3% of total supply) believes Bitcoin surpasses gold’s market cap by 2035 — the “99% mined” era, when new supply becomes a slow drip.
If Bitcoin ever matches gold’s market cap, the implied price is roughly $1.55M per BTC.
So the real question isn’t “could Bitcoin rival gold?”
It’s: how fast does the world reprice the idea that it already is?
✅ Want the next deep-dive?
Drop a comment with what you want next:
🔥 Track which sovereign funds are filing 13F disclosures and show exact positions
📉 Map the historical gold/BTC ratio and identify breakout levels
🏦 Break down JPMorgan’s volatility model and what could trigger $170K+
⏳ Explain the 2035 supply timeline and what happens after the next two halvings
If this helped you understand the math behind the headlines, hit Subscribe — because the rotation from gold to Bitcoin isn’t coming… it’s already happening.
— Ryan | Ryan’s Money Lab
Ryan’s Money Lab breaks down the real forces shaping your money—interest rates, inflation, housing, retirement planning, taxes, Wall Street behavior, and market cycles. This channel cuts through noise with data-driven analysis, clear explanations, and practical wealth-building strategies used by sophisticated investors. Whether it’s the Federal Reserve’s next move, the truth behind 401(k)s, bubbles in tech, or smart asset-based planning, Ryan’s Finance Lab gives you grounded insights to help you protect, grow, and take control of your financial future.
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