WisdomTree’s latest digital assets note argues that Bitcoin is not best viewed in isolation, but as a monetary asset relative to gold—and on that basis it screens materially undervalued.
- WisdomTree’s Bitcoin-in-Gold model estimates Bitcoin was 26% below fair value versus gold as of 31 March, with an actual ratio of 15.6 versus model value 21.1.
- The framework links relative pricing to real yields, dollar strength, liquidity, ETF flows, and inflation expectations.
- In an inflation shock, gold may lead initially, but Bitcoin could later catch up as liquidity and breakeven dynamics adjust.
- WisdomTree stresses Bitcoin and gold are complements, not substitutes.
Is Bitcoin expensive—or simply mismeasured? The note argues gold may be the cleaner benchmark than equities.
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