David Duong, Global Head of Investment Research at Coinbase, has challenged the notion that rising gold prices drive Bitcoin rallies. According to a Coinbase Institutional report, the belief that gold's price movements influence Bitcoin lacks statistical backing. The report's comprehensive analysis across various time frames found no consistent correlation between gold and Bitcoin bull markets. Duong argues that gold trading is more momentum-driven, as evidenced by recent price drops following the Federal Reserve Chair nominee announcement, undermining the currency devaluation narrative often associated with gold.