Speaking on CNBC, BitMine CEO Tom Lee explained why gold prices have risen strongly while Bitcoin has struggled. He said metals are moving higher due to a weak U.S. dollar and strong global demand.
At the same time, the crypto market remains under pressure and has not been able to keep up with gold’s rally.
According to the interview aired this week, Tom Lee said the recent surge in gold and silver was one of the most surprising trades of the year. He said strong momentum, investor demand, and global uncertainty have all pushed precious metals higher.
He explained that the U.S. dollar remains under pressure as global growth improves and the Federal Reserve stays cautious on rate cuts. A weaker dollar usually supports hard assets, which is why gold has continued to climb.
Lee added that in some regions, especially in China, demand has been unusually strong, with certain silver ETFs actually trading at high premiums.
“I think it’s really eye-popping, but it might just be a lot of price momentum too.”
Futher when asked about seeing strong momentum in precious metals, but not as much in cryptocurrencies.
Despite similar market conditions, Lee said crypto has failed to benefit from the same situational, even while considered as a haven.
Yeah, crypto’s been a huge disappointment because whether it’s debasement, geopolitical uncertainty, or central banks easing, those have been tailwinds for precious metals.
It really should be a tailwind for crypto, but I think crypto suffered and still hasn’t recovered from the October 2025 crash.
Each time crypto prices attempted to recover, new shocks forced traders to reduce risk again. This has kept confidence low and slowed any sustained rebound.
Market history shows that when gold prices peak and start to fall, investors often move their money into Bitcoin. This pattern was seen in 2017 and 2021. After gold lost momentum in those years, Bitcoin rallied strongly, jumping nearly 1000% in 2017 and around 400% in 2021.
Recently, gold appears to have reached a top again. Prices fell from around $5,600 to nearly $4,892, a drop of about 13%
Such a pullback often signals that the strong gold rally may be slowing down. When this happens, the crypto market tends to rally hard.
Gold is benefiting from a weak U.S. dollar, strong global demand, and safe-haven buying, while Bitcoin is still recovering from past market shocks.
According to Lee, crypto confidence remains low after repeated sell-offs, with traders cutting risk whenever new market shocks appear.
Historically, when gold peaks and pulls back, investors often shift into Bitcoin, which has led to strong crypto rallies in past cycles.
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