As gold and silver reach new highs, bitcoin slides to two-year lows. Crypto investors appear to be turning away from digital gold to rediscover the virtues of traditional safe havens.
In brief
- Bitcoin is losing its role as a safe haven while gold dominates the “debasing trade”.
- Crypto analysts anticipate a possible return of BTC thanks to ETFs and American debt.
Bitcoin loses against gold in the “debasement trade” war
Since the start of 2026, the bitcoin records a clear underperformance against gold. According to analyst Karel Mercx, the flagship cryptocurrency has lost its status as a hedge against currency devaluation. The price of BTC plunged below 20 ounces of gold, marking a two-year low in financial markets.
This trend is explained by a growing mistrust among investors towards digital assets, considered too volatile in a climate of macroeconomic tension. While precious metals are breaking records, the bitcoin remains 20% below its 2025 peak.
The bitcoin cycle therefore seems broken. Long punctuated by quadrennial increases, the crypto market is struggling to find its breath. Even seasoned traders like Michael Van de Poppe believe that time is running out before another major correction.
A future still open for bitcoin according to long-term supporters
Some crypto analysts refuse to bury BTC. This is particularly the case for fund manager James Lavish. He believes that the rise in American public debts and the future monetary policy of the Fed will work in favor of the crypto queen.
Same story with Eric Balchunas, analyst at Bloomberg. He sees in the debasing trade a long-term strategy. According to him, global liquidity continues to increase. Which will ultimately benefit bitcoin. Add to this the approval of Bitcoin ETFs in the United States which only further strengthens the institutional presence of this digital asset.
In any case, the rivalry between bitcoin and gold reflects a historic turning point in the quest for a safe haven. If the yellow metal shines today, the cryptocurrency retains rebound potential. The duel between tradition and financial innovation has only just begun!
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