Bitcoin's volatility relative to gold has reached its lowest level as of August 1, 2025, with Bitcoin's annual volatility at 2.2 times that of gold, down from over three times since 2021. This decline in Bitcoin's beta compared to gold may favor the metal's performance as a store of value. Analysts suggest that if the S&P 500 remains at levels similar to the end of July by the end of 2025, it could mark a successful first year of President Donald Trump's second term, except for record-setting gold prices. Rising gold prices, potentially exceeding $3,500 an ounce, are expected to influence broader risk asset behavior in the second half of the year. The S&P 500's recent volatility patterns indicate a potential shift favoring gold and international equities outside the U.S. Furthermore, historical trends show that the U.S. unemployment rate tends to recover to at least 6% following lows near 3.4% in 2023, a factor that could also support gold's relative strength against risk assets. Market participants continue to debate whether Bitcoin will surpass gold as a preferred store of value within the next five years.