WisdomTree Model Flags Bitcoin 26% Undervalued vs. Gold — and the Macro Case Is Getting Harder to Ignore!

WisdomTree's Bitcoin in Gold (BiG) model, authored by director of digital assets research Dovile Silenskyte, puts the current bitcoin/gold ratio at 15.6 against a fair-value estimate of 21.1 — implying a 26% relative undervaluation as of March 31, 2026. The model treats bitcoin not as a risk asset but as a monetary asset competing directly with gold for macro allocation, responding to the same inputs: real yields, inflation expectations, and confidence in sovereign currencies.

The distinction matters for positioning. Bitcoin amplifies gold's macro sensitivities — outperforming when real yields fall and liquidity eases, underperforming when the dollar strengthens or risk-off conditions dominate. Today's macro mix, the model argues, warrants a higher bitcoin/gold ratio than markets are currently pricing.

Practical applications WisdomTree outlines include a long BTC / short gold…