I think the entities buying gold (sovereigns, particularly China) have a very long time horizon and it's the right move for a 5-15 year forward facing "end of the long term debt cycle" scenario. Meanwhile it's really hard to convince sovereigns and fiduciary institutions to buy a nascent asset like BTC with 17 years of history (which is less than a retail home mortgage). Then think about their perspective on quantum uncertainty over the next 5-15 years. IMO fixing BTC's quantum issue is the single most important thing for BTC development and it's urgent due to the current scale of buyers. I think the excuse of "it's 20 years away" does not cut it. The investors looking to allocate think in exactly these time horizons. So time to get our ducks in a row. Where the world is heading into, the world needs BTC for what it was designed for, Gold becomes the fallback that's in a state of readiness (for 6000 years) and they are buying. But to the question at hand on the shorter term, I'm on the side of a large global macro bear market coming, so yeah, maybe we get a sharp pull back in Gold due to a flight to safety before the safehaven trade resumes. (See the last one: 2008-2012) My hope is BTC's quantum issue resolves quickly to play a part in the macro geopolitics of our time. It was built for this.