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The divergence between gold and Bitcoin (BTC<\/a>) in 2026 can be explained by two distinct segments of buyers, according to Stephen Coltman, head of macro at crypto exchange-traded product (ETP) provider 21Shares.<\/p>\n Gold\u2019s rally over the last three years has been primarily fueled by central bank buying<\/a>, while Bitcoin is more widely held by individuals than financial institutions, Coltman told Cointelegraph. He said:<\/p>\n \u201cPhysical gold has a greater geopolitical strategic role currently, as the asset of choice for state actors who want to store wealth in a way that is protected from rival powers. This has meant that it has traded with greater sensitivity to deteriorating international relations.\u201d<\/p><\/blockquote>\n However, BTC has more utility for individuals who may use it as an alternative<\/a> \u201clifeline\u201d when local banking infrastructure fails during times of crisis, and accessing the traditional financial system<\/a> is not possible.\u00a0<\/p>\n \u201cShortly after the conflict started, both the Dubai and Abu Dhabi exchanges were shut down following missile and drone strikes from Iran,\u201d which, he said, is a \u201cstark reminder\u201d of how valuable 24\/7 access is in wartime situations or other emergencies.<\/p>\n Coltman told Cointelegraph that the inverse correlation between BTC and gold<\/a> means that investors should hold both to benefit from each asset\u2019s unique properties.<\/p>\n Ongoing macroeconomic and geopolitical shocks over the last several years drove gold to an all-time high of nearly $5,600 per ounce in January 2026.<\/p>\n However, heightened volatility dragged the precious metal back down <\/a>to about $4,497 per ounce, leading to renewed debate among analysts about gold\u2019s role as a store of value asset, and how it will perform against Bitcoin in the coming years.<\/p>\n