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King Dollar Falls, Bitcoin Marches Toward Sound Money Highs
Despite soaring 50% from April lows and outperforming tech and bonds, bitcoin has yet to reclaim its all-time highs against traditional safe havens like gold and silver.
Updated May 22, 2025, 12:58 p.m. Published May 22, 2025, 8:06 a.m.
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What to know:
- Bitcoin hit a new record against the dollar, but is still below its peak when measured against gold and silver and some other major currencies.
- The bitcoin-to-gold ratio is currently 33.27 oz. of gold; the record high is over 40 oz. Against silver, the ratio is 3,300 oz., compared with a high of 3,530 oz.
- BTC remains just under all-time highs in major fiat currencies such as the British pound and Swiss franc, indicating there's room for further appreciation.
Bitcoin's dollar high succumbed on Thursday as the largest cryptocurrency rose past $111,800, a remarkable 50% gain from its April low near $75,000, but when measured against traditional stores of value like gold and silver, BTC — often dubbed "digital gold" — still has room to advance.
The bitcoin-to-gold ratio stands at 33.27 ounces, below its January peak of over 40 oz. BTC has also not reached an all-time high against silver, though it has just breached the 3,300 oz. level, compared with the record 3,530 oz.
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The digital gold moniker reflects bitcoin's fixed supply and decentralized nature, and it's increasingly living up to the name. In recent weeks, it has outperformed U.S. equities, which remain sluggish for the year despite recovering from their April tariff-tantrum induced downturn.
In fiat terms, bitcoin is nearing significant psychological milestones across other currencies too. It currently trades around 82,500 British pounds, just shy of its all-time high of 88,300 pounds, and at 91,500 Swiss francs, versus a previous peak just under 100,000 francs. These levels hint at imminent breakthroughs as bitcoin gains further strength.
Notably, BTC has already achieved all-time highs relative to major financial instruments like the Nasdaq 100 and the iShares 20+ Year Treasury Bond ETF (TLT). Its continued outperformance of both bonds and tech stocks underscores a broader trend. The final frontier remains precious metals. Surpassing gold and silver benchmarks will mark a complete reversal of monetary dominance.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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