The Bitcoin-to-gold ratio is a useful lens to track relative value over time, but market cap comparisons can obscure the deeper dynamics. Gold’s massive market cap reflects its entrenched role as a store of value in institutional and central bank portfolios, while Bitcoin’s smaller footprint signals its ongoing adoption as a decentralized alternative. These ratios shift based on trust in systems—gold benefits from legacy confidence, Bitcoin from growing distrust in fiat.

What drives your view on how this trust balance might evolve over the next decade?