South Korea's central bank buys gold again after 13 years, while Bitcoin falls below 64000 — can the story of "digital gold" still be told?
On August 10, Bitcoin fell below $64,000, while gold rose to $4,435.
So far this year, gold has risen about 9%, while Bitcoin has dropped about 11% — a gap of 20 percentage points.
Even more painful: retail investors poured $50 million into gold ETFs in a single day.
Money is moving. Moving toward gold.
"Isn't Bitcoin digital gold? Shouldn't they both rise during times of risk?"
Wake up. The market has already voted with its feet.
On August 13, a piece of news went viral in traditional finance circles —
South Korea's central bank bought gold assets for the first time in 13 years.
According to a 13F filing submitted to the U.S. SEC, as of the end of Q2, South Korea's central bank held 679,765 shares of SPDR Gold Shares, valued at about $250 million.
$250 million is not a large scale for South Korea's central bank. But the signal is huge.
This is the first gold-related investment by South Korea's central bank since 2013. Even more noteworthy — the central bank also announced it will establish a new mechanism to purchase domestically produced physical gold. This is the first time in nearly 60 years.
The head of the central bank's foreign exchange reserve management department said bluntly: "Geopolitical risks have become a persistent feature of the global environment, and many central banks have significantly increased their interest in gold as a safe-haven asset. Considering that our country's gold holdings are still relatively low, it is necessary to increase holdings."
South Korea is not an isolated case.
Data from the World Gold Council shows that in the three months ending in June, global central banks net bought 289 tons of gold, setting a record for the same period.
A World Gold Council survey shows 45% of respondents plan to increase gold holdings in the next year. Meanwhile, no central bank regards Bitcoin as an asset equally important as gold.
Gold is in central bank reserves. Bitcoin is in retail wallets.
This is the stark reality.
What do analysts say?
A July survey by the London Bullion Market Association (LBMA) of 16 professional analysts shows gold prices are expected to be around $4,500 by the end of 2026, with an average annual price forecast of $4,604.
The most bullish analyst predicts gold could reach $7,150 this year.
UBS directly shouts: "Buy gold blindly below $4,000."
And Bitcoin?
On August 8, the 90-day correlation coefficient between Bitcoin and gold reversed from -0.9 in winter to +0.7.
Has the "digital gold" narrative returned? Not at all.
The positive correlation means Bitcoin has started to be driven by geopolitical factors like gold — but the price direction is opposite. Gold rises, Bitcoin falls. Is that positive correlation? It's being left behind by gold.
To be blunt:
The phrase "digital gold" is the most successful and also the most dangerous marketing slogan in the crypto world.
Gold has a 5,000-year history as a store of value, is included in global central bank reserves, tracked by the World Gold Council, and priced by the LBMA.
What does Bitcoin have? A supply cap of 21 million coins and a bunch of retail investors who believe in the "digital gold" story.
Institutions can shout "Bitcoin is digital gold" while simultaneously liquidating with one click when risk control models trigger. ETFs gave institutions the door to enter and also the way out.
South Korea's central bank's $250 million is not large for the gold market.
But for Bitcoin, the signal is glaring —
Even South Korea's central bank, which hasn't touched gold for 13 years, is back, while Bitcoin has never been on any central bank's reserve list.
If more central banks follow suit and increase gold holdings, traditional safe-haven assets will attract more capital. Bitcoin's competitive pressure as an "alternative asset" will only grow.
It's not that Bitcoin is bad. Gold is just too old, too established for anyone to ignore.
The "digital gold" story is told by retail investors to retail investors.
The real gold, central banks are quietly buying.
$BTC$XAU$XAUT#黄金维持高位，韩国央行重返市场
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