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Bitcoin 'spanked' gold
I remember how the crypto industry was so excited when Bitcoin (BTC) was hitting a new all-time high (ATH) nearly every other day in early October 2025.
When its price finally surpassed the $126,000 mark, the industry believed it had finally arrived.
"Bitcoin is the world's top asset," "Bitcoin is the new gold," "Bitcoin has beaten gold," etc. My inbox was filled with such texts.
Bitcoin and gold
Bitcoin maximalists have argued for long that the cryptocurrency is "digital gold."
Both assets have limited supply and global acceptance. Both are considered store of value assets which serve as hedges against inflation and currency devaluation.
However, there is one difference between Bitcoin and gold. While the former is only 16 years old, the latter carries thousands of years of trust.
The difference was well demonstrated during the months following the crypto flash crash on Oct. 10 last year as Bitcoin failed to recover from the shocking day.
Meanwhile, traders flocked to gold, and the bullion keeps hitting new ATHs every few days.
In fact, the precious metal added the entire market cap of BTC worth $1.75 trillion in a single day on Jan. 28.
Veteran analyst says Bitcoin 'spanked everything so bad'
The morale is understandably low among Bitcoin maximalists, and some wonder if they have lost the battle forever.
However, Bloomberg's senior ETF analyst, Eric Balchunas, thinks the dread among Bitcoiners is "very short-sighted."
Since 2022, Bitcoin has risen 429%, in contrast to gold's rise of 177%, silver's rise of 350%, and Invesco QQQ's (Nasdaq: QQQ) rise of 140%, he highlighted.
Bitcoin "spanked everything so bad" in 2023-24 that these other assets—despite having their greatest year ever—haven't been able to catch up, he argued, and concluded that BTC is the winner despite "being in a coma."
Balchunas said that Bitcoin had priced in the "institutionalization" narrative pretty quickly, and now, it is taking a "breather" to catch up with the actual narrative.
But what's the new narrative? The veteran analyst said the narrative still is "debt and debasement."
Sure, the U.S. federal debt has ballooned to $38.5 trillion. The U.S. dollar index has dropped to 96.28 at press time—the lowest point since February 2022.
But Bitcoin has failed to take advantage of the "debt and debasement" narrative and was exchanging hands at $87,941.79 at press time, down 20% in three months.
Meanwhile, gold was trading at $5,520.77 per ounce, up 30% in three months.
This article has been published in TheStreet via Yahoo News.
Veteran analyst says Bitcoin 'spanked' gold
I remember how the crypto industry was so excited when Bitcoin (BTC) was hitting a new all-time high (ATH) nearly every other day in early October 2025. When its price finally surpassed the $126,000 mark, the industry believed it had finally arrived. "Bitcoin is the world's top asset," "Bitcoin...
finance.yahoo.com
