Every bit the price of golden plunged on Friday, CNBC's Jim Cramer said the ascension of crypto may partly explain the sudden disinterest in the precious metal — a potential sign that the mainstream has flipped the script on Bitcoin (BTC) and digital assets.

When asked why aureate isn't rallying amid the political chaos on Capitol Hill this week, Cramer said the market is either non as chaotic equally it seems or that all of the coin is going into cryptocurrency:

The toll of aureate sold off more than $sixty on Friday, hitting a depression of $i,852.50 per troy ounce on the Comex partitioning of the New York Mercantile Exchange. Bitcoin, meanwhile, surged to new all-time highs above $41,000.

Cramer is a recent convert to Bitcoin and cryptocurrency, having bought the mid-Dec 2020 dip when BTC was under $18,000. He said of his purchase at the time:

"I will buy — like I usually practice — as something comes down. [...] I'k going to diversify into some Bitcoin — not a large position for me — simply it's certainly important to exist diversified, and Bitcoin is an asset and I want to have a balance of assets."

If Cramer held onto his BTC, his position has more than than doubled past now.

The flagship cryptocurrency continues to outperform golden and every other major asset thanks in office to an influx of new institutional buyers. Measured in bullion, 1 Bitcoin is now worth more than xx ounces of gold. A calendar week earlier, the Bitcoin-gilded rate was around 15 ounces.

The idea that Bitcoin is taking market share from gold is nothing new. A recent analysis from JPMorgan Chase ended that Bitcoin'southward digital gold narrative is pulling investors away from precious metals. The analysts said this trend could intensify as more institutional money pours into the crypto space.