Bitcoin has officially taken the top spot this year, climbing past $123,000 and logging its highest-ever weekly close at $119,500. With a 30% gain so far in 2025, it has now outperformed gold, which is up around 27%.
That’s a big moment for crypto. But it’s also raising some serious questions.
According to Charlie Bilello, Chief Market Strategist at Creative Planning, this is the first time Bitcoin and gold are the top two assets in any calendar year. “We’ve never seen these two in the number one and number two spots,” he noted.
When Bitcoin and gold lead the markets, it usually means something else is going on.
Bitcoin’s latest rally started after the U.S. passed the “big beautiful bill” on July 3, adding nearly $15,000 to its price in just days.
But the real driver behind this move is deeper. Investors are reacting to a mix of high U.S. interest rates, a weakening dollar, delayed tariffs, and rising geopolitical tensions.
In the last six months:
It’s not a classic bull run. It’s what some are calling “crisis mode.” That’s how The Kobeissi Letter described it and the signs seem to back that up.
Both Bitcoin and gold are considered unproductive assets, meaning they don’t generate income like stocks or real estate. When these assets outperform, it often reflects fear, not confidence.
Bilello pointed out that this kind of rally doesn’t usually happen in a strong economy. Instead, it shows that investors are pulling out of traditional markets and moving their money somewhere safer.
Bitcoin has often been compared to gold with strong arguments made for both. Now, Bitcoin seems to be performing better and becoming the go-to choice in times of uncertainty.
But here’s the key takeaway: both are rising because people are worried. That’s the signal behind the surge. And right now, that picture shows investors preparing for more rough weather ahead.
According to Charlie Bilello, Chief Market Strategist at Creative Planning, it’s the first time Bitcoin and gold are the top two performing assets in any calendar year, signaling underlying market concerns rather than a classic bull run.
Bitcoin’s rally, including a $15,000 jump since July 3, is driven by high U.S. interest rates, a weakening dollar (down 11% in 6 months), a record U.S. deficit ($316 billion in May), delayed tariffs, and rising geopolitical tensions.
Bitcoin has outperformed gold in 2025, with a 30% gain compared to gold’s 27%. Both are rising due to investor worries, but Bitcoin appears to be becoming the preferred “safe haven” asset in the current uncertain environment.
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