With international gold prices nearing $5,000 and extending an unprecedented rally, debate is flaring again over bitcoin’s relationship with the metal. Investors are increasingly discussing whether the two assets compete with each other or are complementary holdings that should be owned together in an investment portfolio.

According to blockchain media outlet BeInCrypto on Jan. 21 (local time), gold has risen rapidly as it reflects macroeconomic uncertainty. Gold gained about $250 on a weekly basis to hit a record $4,830, and the market is also discussing the possibility of a break above $5,000. Peter Schiff, known as a gold investor, said: "In the past it took months or even years for gold prices to rise, but now it happens in just days," underscoring the bullish trend.

In this environment, bitcoin is also drawing attention again. Quant analyst PlanB argued that gold and bitcoin should be seen as mutually complementary hedges rather than competing assets. His analysis said the two assets show nearly identical risk-adjusted return profiles on the basis of the Calmar ratio, and that a blended allocation can significantly improve portfolio performance.

PlanB said: "A portfolio made up of 80 percent gold and 20 percent bitcoin has lower risk and nearly double the return compared with investing in gold alone," explaining that a gold-bitcoin combination could be the best alternative.

This view is spreading among market participants as well. Investor ZynxBTC said the gold market, with a market capitalisation of about $34 trillion, supports bitcoin’s value-store thesis. He said: "Moving from gold to bitcoin is psychologically easier than moving straight from fiat currency to bitcoin," and analysed that "current market conditions are a favourable phase for accumulating bitcoin."

Some point out, however, that bitcoin has not yet been fully recognised as a traditional safe-haven asset. While precious metals such as gold and silver have recently staged a joint rally, bitcoin has not shown the same trend. That suggests the market still does not view bitcoin as a full crisis-hedging asset.

Trader Philbphilb emphasised bitcoin’s intrinsic strengths. He said: "Bitcoin is an asset that can be transferred without borders and without amount limits, without the burden of fees," adding: "This characteristic has not yet been sufficiently valued, but it will have decisive value in the future."

By contrast, Schiff issued a warning to bitcoin investors. He said that "investors who bought bitcoin for the same reasons as gold could face major disappointment if bitcoin falls short of expectations when a macroeconomic crisis becomes a reality," pointing to the volatility and limitations of digital assets.

The market is also assessing that a strategy combining gold’s stability with bitcoin’s growth potential could be a new alternative in a volatile environment. As geopolitical risks and macroeconomic uncertainty are seen as possibly continuing through 2026, interest is rising in integrated portfolio strategies rather than single-asset bets.

Experts see the core of the debate as not about picking a winner but about creating synergy. As gold sets fresh highs and bitcoin’s unique characteristics are increasingly recognised, the best hedge may be not gold or bitcoin alone, but a combination of the two assets.