BlackRock CEO Larry Fink said that investors are increasingly turning to alternative assets — precious metals and cryptocurrencies — amid growing concerns over rising government debt worldwide.

The Bitcoin-to-gold ratio has reached a weekly high — one BTC can now buy 28 ounces of gold. This is up from 24 ounces at the beginning of October, after the precious metal’s price fell below $4,000.

Global investors have set a historic record for investments in gold exchange-traded funds (ETFs) — in the week ending October 22, net inflows totaled $8.7 billion, Kommersant reports, citing data from Emerging Portfolio Fund Research. This figure nearly doubled the previous week’s result. Since the beginning of autumn, total investments in such funds have reached $39 billion.

On Tuesday, October 22, gold prices recorded the sharpest single-day drop in five years, as investors took profits after a record rally.

The precious metal reached an all-time high of $4,381 per ounce, marking a 60.5% increase compared to its price a year ago. Bitcoin also rose by 60%, but remains 15% below its peak.

Bitcoin’s attempt to reclaim its record high was short-lived: after trading slightly below $124,000 before the U.S. stock market opened, the cryptocurrency fell below $121,000 just an hour and a half into trading. At the same time, a pullback hit the gold market, though silver held up better.

Cardone calculated that gold prices have risen by more than 50% this year, outperforming Nvidia’s returns. However, Bitcoin — the world’s largest cryptocurrency by market capitalization — remains an effective store of value with strong long-term potential, the entrepreneur said.

By now, few doubt that gold will reach $4,000 in 2025, but the precious metal’s rally may continue even after hitting this milestone.