According to Jim Cramer of CNBC, both gold and Bitcoin have failed to serve as reliable crisis hedges. Since the escalation of Middle East conflict, gold prices have fallen approximately 12% and set the longest consecutive decline record in more than a century. Bitcoin, while maintaining above $70,000, has declined 20% year-to-date despite substantial ETF inflows. Cramer emphasizes that "price is what matters most" and criticized narratives that ignore market signals. However, Bitcoin has outperformed gold relatively, with the Bitcoin-to-gold ratio rising from 12 ounces pre-conflict to nearly 16 ounces. Analysts point out that the correlation between these two assets is not strong but rather moves in the same direction, which explains why they both declined simultaneously during the crisis-driven selloff.