Bitcoin ownership among U.S. adults has surpassed gold ownership, but that shift does not amount to a definitive win over gold.
River Financial said in its July research that 49.6 million American adults now hold bitcoin, equal to 18.6% of the population. Gold ownership stands at 28.8 million adults, or 10.8%. The gap is close to 21 million people, and the article argues that the change says more than simple retail preference.
Bitcoin penetration in the U.S. keeps rising
River’s data shows U.S. bitcoin ownership climbed from 14.3% to 18.6% in a little over six months. For an asset still known for volatility, that pace of adoption stands out.
The research also says Americans collectively hold about 42% of the global bitcoin supply. Among public companies, U.S.-listed firms account for 92.7% of bitcoin held by public companies worldwide, with combined holdings of about 1.24 million BTC. The U.S. government itself holds 328,372 BTC, mostly acquired through seizures, worth more than $26 billion based on CoinGecko pricing.
That stockpile has also become a reference point in reserve legislation. The American Reserve Modernization Act was introduced in Congress in May and would direct the Treasury Department to study budget-neutral bitcoin accumulation. The article notes that earlier reports said the bill aimed to accumulate as much as 1 million BTC over five years, but The Block later removed that figure from its coverage and changed the framing to a study process. As presented here, the 1 million BTC number should be treated as part of an earlier proposal, not the current target of the bill.
Wall Street’s posture has changed as well. This year, several large U.S. asset managers opened bitcoin ETF access to their financial advisers, putting the asset in front of planners who previously had little reason to bring it up with clients.
Treasury buyback move triggered a market response
The article places those ownership figures in a larger macro setting. On Aug. 19, the U.S. Treasury announced it would double liquidity-support buybacks for long-dated government bonds, lifting the cap for each operation from $2 billion to at least $4 billion. The program is set to run from Sept. 9 through Nov. 4.
Markets reacted quickly. The U.S. dollar index fell about 0.9% to its lowest level since May 29, while gold rose about 2% to roughly $4,480 per ounce.
According to the article, a policy designed to press down long-end yields and support bond-market liquidity also weakens the relative appeal of the dollar. In that setup, both gold and bitcoin function as dollar alternatives. That is why the two rose together after the Treasury announcement, even though they are often framed as rivals.
Bitcoin-gold ratio seen as a leading signal
Strive CEO Matt Cole has argued that the bitcoin-gold ratio is worth watching closely. In The Block’s related coverage, Cole said bitcoin priced in gold bottomed in February 2026, around five months before its U.S. dollar price bottomed in July.
He also said a similar lag appeared at the top of the previous cycle: bitcoin versus gold peaked in December 2024, while the dollar-denominated top did not arrive until October 2025.
If that pattern holds, then bitcoin breaking out against both gold and the dollar in the same week would be a signal to track, rather than a coincidence.
Two structural tailwinds highlighted
The piece points to two main forces behind bitcoin’s current move.
The first is the dollar. The Treasury’s buyback plan signals tolerance for a weaker currency, and if the dollar index stays below its May low, bitcoin would lose a headwind that had not yet fully disappeared in this cycle.
The second is artificial intelligence. As intelligence becomes cheaper and more widely available, advantages built on scarce insight or software capability may be commoditized more quickly. In the article’s framing, that pushes capital toward assets that cannot be replicated, including bitcoin, gold and silver.
Bitcoin’s case, as described in the piece, is that it combines fixed supply with traits gold does not have in a digital economy: instant settlement, global transferability and native compatibility with digital financial infrastructure.
Ownership is not the same as value
The article closes by stressing that stronger ownership figures are only part of the picture. Gold’s market capitalization still far exceeds bitcoin’s, so leading in holder share does not mean bitcoin has closed the gap in institutional value allocation. Those are separate measures.
What has changed, the piece says, is bitcoin’s trajectory. The U.S. government’s 328,372 BTC and the 1.24 million BTC held by American companies suggest bitcoin is moving beyond a retail speculation story and toward a role closer to a sovereign and corporate reserve asset, a role long occupied by gold.
It outlines three signals to watch in judging whether Aug. 19 marked a real turning point rather than a one-off reaction. First, whether the dollar index remains below its May low, confirming deeper weakness instead of a temporary drop. Second, whether the Treasury’s buyback plan is extended or expanded; if that happens, the prospect of bitcoin reaching $100,000 or more before year-end would become more realistic. Third, whether the bitcoin-gold ratio keeps rising, which would indicate capital rotating from gold into bitcoin.
Macro conditions are moving in bitcoin’s favor, the article argues, but whether capital follows through remains unresolved.