Haciyev Reşit 
While gold prices continue to trade near historic highs, Bitcoin is struggling to maintain the same upward momentum. This divergence between the precious metals and cryptocurrency markets has attracted investor attention. Tom Lee discussed the reasons behind this difference during an appearance on CNBC. According to Lee, a weakening U.S. dollar, strong investor demand, and global economic uncertainties are supporting gold prices, while the crypto market has not yet fully shaken off the effects of recent shocks.
Weak Dollar and Global Demand Support Gold
In his CNBC comments, Tom Lee described the recent rise in gold and silver as one of the most notable market moves of the year. He noted that although there are signs of gradual recovery in the global growth outlook, the U.S. dollar remains under pressure, providing strong support for precious metals. Investor demand for safe-haven assets in an uncertain environment further reinforces this trend. Lee highlighted that the Federal Reserve’s cautious stance on interest rate cuts typically benefits scarce assets like gold. He emphasized that the rise in gold prices is not just driven by short-term speculative moves, but is supported by macroeconomic dynamics and structural demand.
Lee also pointed out that high premiums observed in silver ETFs indicate strong demand for precious metals. In certain regions, especially in Asia, physical demand has surged unusually, which has further accelerated price momentum.
“It’s truly a dazzling move, but we also shouldn’t ignore the possibility that the price momentum may have overshot.”
Why Isn’t Bitcoin Reacting the Same Way as Gold?
Despite similar macroeconomic conditions, Tom Lee explained that the crypto market has not shown the same performance. While Bitcoin is theoretically positioned as an alternative store of value, in practice it has struggled to regain investor confidence. According to Lee, the crypto market has not yet developed the clear momentum that would reinforce its safe-haven appeal.
Lee highlighted that the crypto market crash in October 2025 left a lasting impact on investor psychology. Although prices occasionally showed recovery signals, new shocks and sudden pullbacks during this period limited risk appetite. This prevented the crypto market from fully benefiting from the macroeconomic tailwinds that supported gold and delayed a sustained recovery.
“Gold First, Bitcoin Next” Cycle Could Return
Tom Lee emphasized that historically, capital tends to flow first into gold and then into Bitcoin. He recalled that in 2017 and 2021, Bitcoin rose roughly 1,000% and 400%, respectively, after gold lost momentum. Recently, gold has begun to pull back from near its peak, with prices correcting by around 13%, which could signal a slowing of the strong rally. Historically, such periods often precede sharp gains in the crypto market.
According to Tom Lee, the rise in gold prices is a natural outcome of a weak dollar and global uncertainties. Bitcoin, however, has not yet fully recovered from recent market shocks. Yet, considering historical cycles, if the gold rally loses momentum, capital may shift back into Bitcoin. Therefore, investors are advised to closely monitor price movements in precious metals as they may provide clues for the crypto market.
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