$BTC vs $GOLD still trading at 2022/23 levels from last bear market. Over the long run, I do expect this to go higher. But you need a long time horizon for these kind of moves to play out. Which is pretty evident from this price action the past ~5 years. Obviously gold itself has performed massively over the past 1-2 years which has pushed this ratio as low as it is now.

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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