U.S. Bitcoin Ownership Surpasses Gold, But Does It Signal a Shift?

Written by Ashrith Rao

Compiled by Chopper, Foresight News

The ownership rate of Bitcoin among U.S. adults has surpassed that of gold. Meanwhile, a repurchase announcement from the U.S. Treasury has brought the dollar, gold, and Bitcoin into the same transaction.

In the United States, Bitcoin ownership has surpassed that of gold. River Financial’s study from July found that 49.6 million American adults (18.6% of the population) currently hold Bitcoin, compared to 28.8 million (10.8%) who hold gold. The nearly 21-million-person gap reveals more than just a shift in retail preference—it signals something deeper.

According to River's data, Bitcoin ownership in the U.S. rose from 14.3% to 18.6% over a period of more than six months—a notably rapid adoption rate for an asset still known for high volatility. Americans collectively hold approximately 42% of the global Bitcoin supply; U.S. public companies account for 92.7% of all Bitcoin held by publicly traded companies worldwide, totaling around 1.24 million BTC. The U.S. government itself holds 328,372 BTC (primarily acquired through asset seizures), valued at over $26 billion based on CoinGecko's pricing.

This batch of Bitcoin reserves has become a reference point for reserve legislation. The American Reserve Modernization Act, introduced in Congress in May of this year, will direct the Treasury Department to study accumulating Bitcoin in a budget-neutral manner. Previous reports indicated that the bill aimed to accumulate up to 1 million BTC within five years, but The Block’s related reporting removed this specific figure and replaced it with a focus on conducting research; therefore, the 1 million figure should be understood as an earlier proposal, not the current goal of the bill.

Wall Street’s stance has also shifted. This year, several major U.S. asset management firms have opened access to Bitcoin ETFs for their financial advisors, enabling this asset to appear before financial planners who previously had little reason to mention it to clients.

These holding rate figures build on a larger move. On August 19, the U.S. Treasury announced it would double its liquidity support repurchase operations for long-term government bonds, raising the single-operation limit from $2 billion to at least $4 billion, with the program running from September 9 to November 4. The market reacted immediately: the U.S. Dollar Index fell about 0.9% to its lowest level since May 29, while gold rose approximately 2% to around $4,480 per ounce.

A policy aimed at lowering long-term yields to support bond market liquidity also reduces the relative attractiveness of the dollar, as both gold and bitcoin are viewed as alternative stores of value to the dollar. This is why both rose in tandem following the announcement, despite typically being portrayed as rivals rather than allies.

Strive CEO Matt Cole has noted that the bitcoin-to-gold ratio is a leading indicator worth watching. In a related report by The Block, Cole mentioned that the bitcoin-to-gold price hit its low in February 2026, approximately five months before its dollar price bottomed in July. He believes the same lag occurred at the peak of the previous cycle: bitcoin-to-gold peaked in December 2024, but did not peak in dollar terms until October 2025.

If this pattern holds, Bitcoin breaking through both gold and the dollar within the same week is a signal worth tracking, not a coincidence.

Two forces have contributed most to Bitcoin’s current momentum. One is the U.S. dollar: the Treasury’s repurchase program signals tolerance for a weaker currency, and a dollar index breaking below its May low would remove a headwind Bitcoin has not yet faced in this cycle.

The second is artificial intelligence. As intelligence becomes cheaper and more widespread, the advantages once derived from scarce insights or software capabilities are being commoditized more rapidly, pushing capital toward assets that cannot be replicated—such as Bitcoin, gold, and silver.

Bitcoin’s appeal lies in combining a fixed supply with characteristics that gold lacks in the digital economy—instant settlement, global transferability, and native compatibility with digital financial infrastructure.

While the holding figures are striking, they are only the tip of the iceberg. Gold’s market capitalization still far exceeds that of Bitcoin, so leading in holding share does not mean Bitcoin has closed the value gap in institutional allocations—these are two different metrics. What has truly changed is Bitcoin’s trajectory. The 328,372 BTC held by governments and the 1.24 million BTC held by U.S. corporations indicate that Bitcoin is shifting from a retail speculative story toward a role more akin to sovereign and corporate reserve assets—a role gold has long occupied.

Three factors can indicate whether the events of August 19 marked a genuine turning point rather than a one-time reaction. First, whether the US Dollar Index holds below its May low, confirming this as fundamental weakness rather than a temporary pullback. Second, whether the Treasury’s repurchase program will be extended or expanded—if so, the possibility of Bitcoin reaching $100,000 or higher by year-end becomes more realistic. Third, whether the Bitcoin-to-Gold ratio continues to rise, signaling capital shifting from gold into Bitcoin. Macroeconomic conditions are evolving in Bitcoin’s favor, but whether capital will follow remains an open question.