Written by: Ashrith Rao
Compiled by: Chopper, Foresight News
The ownership rate of Bitcoin among American adults has surpassed that of gold. At the same time, a repurchase announcement from the U.S. Treasury Department has drawn the U.S. dollar, gold, and Bitcoin into the same trading scenario.
In the United States, the ownership rate of Bitcoin now exceeds that of gold. River Financial's July research found that 49.6 million American adults (18.6% of the population) currently hold Bitcoin, while 28.8 million (10.8%) hold gold. This gap of nearly 21 million people reveals more than just a shift in retail preference; it signals something deeper.
The Changes Behind the Numbers
According to River's data, Bitcoin's ownership rate in the U.S. increased from 14.3% to 18.6% in just over six months. This adoption speed is quite remarkable for an asset still known for its high volatility. Collectively, Americans hold approximately 42% of the global Bitcoin supply; U.S.-listed companies account for as much as 92.7% of Bitcoin held by listed companies worldwide, totaling about 1.24 million BTC. The U.S. government itself holds 328,372 BTC (primarily obtained through asset seizures), valued at over $26 billion based on CoinGecko's price.
This Bitcoin reserve has become a reference point for reserve legislation. The 'American Reserve Modernization Act,' introduced in Congress in May of this year, would direct the Treasury to study accumulating Bitcoin in a budget-neutral manner. Previous reports suggested the bill aimed to accumulate up to 1 million BTC within five years, but The Block's related report removed that specific figure, replacing it with a directive to conduct a study. Therefore, the 1 million figure should be understood as an earlier proposal, not the current objective 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, bringing the asset to financial planners who previously had little reason to mention it to clients.
The Macro Context
These ownership statistics build upon a larger move. On August 19th, the U.S. Treasury Department announced it would double its liquidity support repurchase for long-term government bonds, raising the single-operation cap from $2 billion to at least $4 billion, with the execution period running from September 9th to November 4th. The market reacted immediately: the U.S. Dollar Index fell by about 0.9%, dropping to its lowest level since May 29th; gold rose by about 2%, reaching around $4,480 per ounce.
A policy aimed at lowering long-end yields to support bond market liquidity also weakens the relative appeal of the U.S. dollar. Both gold and Bitcoin are seen as alternatives to the dollar. This is precisely why they both rose after the announcement, despite often being portrayed as rivals, not allies.
The Bitcoin-to-Gold Ratio
Matt Cole, CEO of Strive, has pointed out that the Bitcoin-to-Gold ratio is a leading indicator worth watching. In The Block's related report, Cole noted that Bitcoin's price relative to gold bottomed in February 2026, roughly five months earlier than its bottom in U.S. dollar terms in July. He believes a similar lag occurred at the peak of the previous cycle: Bitcoin-to-Gold peaked in December 2024, but the U.S. dollar price didn't peak until October 2025.
If this pattern holds, Bitcoin's simultaneous breakout against both gold and the U.S. dollar within the same week is a signal worth tracking, not a coincidence.
Structural Tailwinds
Two forces are contributing most of the thrust to Bitcoin's current move. The first is the U.S. dollar: the Treasury's repurchase plan signals tolerance for a weaker currency, and a Dollar Index breaking below the May low would remove a headwind that Bitcoin hasn't yet faced in this cycle.
The second is Artificial Intelligence. As intelligence becomes cheaper and more ubiquitous, the advantages that previously came from scarce insight or software capabilities are commoditized faster, pushing capital toward assets that cannot be replicated—Bitcoin, gold, and silver are among them.
Bitcoin's selling point is that it combines the fixed supply of gold with features that gold lacks in the digital economy—instant settlement, global transferability, and native compatibility with digital financial infrastructure.
Ownership Rate Does Not Equal Value
The ownership numbers are certainly eye-catching, but they are just the tip of the iceberg. Gold's market capitalization still far exceeds Bitcoin's, so leading in ownership share does not mean Bitcoin has closed the value gap in institutional allocation; these are two different measures. What has truly changed is Bitcoin's trajectory. The government's 328,372 BTC and U.S. corporate holdings of 1.24 million BTC both indicate Bitcoin is evolving from a story of retail speculation toward a role closer to a reserve asset for sovereign states and corporations—a role that gold has occupied for a long time.
The following three things could indicate whether the events of August 19th mark a genuine turning point, not a one-off reaction. First, whether the U.S. Dollar Index holds below the May low, confirming this is fundamental weakness, not a temporary pullback. Second, whether the Treasury's repurchase plan is extended or expanded; if so, Bitcoin reaching $100,000 or higher by year-end becomes a more realistic possibility. Third, whether the Bitcoin-to-Gold ratio continues to climb, indicating capital rotation from gold into Bitcoin. Macro conditions are moving in Bitcoin's favor, but whether capital follows remains an open question.
