CoinMeta data: The ratio between Bitcoin and gold has broken through, demonstrating Bitcoin’s competitiveness in institutional capital. A sovereign wealth fund stated that its allocation of crypto assets is financed by selling foreign exchange and gold reserves. Although the sample only includes 15 large institutions, this finding provides a rare perspective on the competition between Bitcoin and traditional monetary reserves. The gold-to-Bitcoin ratio rose from 14.4 in August to 19.79 on September 30, an increase of about 37%. All institutions holding crypto assets also hold Bitcoin, and nearly all of them regard Bitcoin as a tool for value storage and to counter the devaluation of fiat currencies. Bitcoin’s recovery is not limited to the appreciation of the US dollar; it has also significantly outperformed gold in relative terms.