!!! Dynamics of the ratio of the price of bitcoin to the price of gold. Source: Bloomberg At the end of 2021, Bitcoin was the first to form a long-term high, and now it is showing outpacing growth relative to other asset classes. This may indicate a general increase in the demand for risk. Bitcoin, like gold, has risen in price noticeably since the beginning of the year. However, the scale of price growth for these assets is noticeably different: at the moment, Bitcoin is adding about 25%, while gold is a little more than 5%. Against this background, the ratio of bitcoin to gold won back part of the 76% decline that took place in the 12 months leading up to November, when this indicator found a bottom. Interestingly, the ratio of the price of bitcoin to gold behaves quite technically: in particular, it is bouncing off support in the form of highs in 2018 and 2019 for the second time.