All that glitters is not gold. Bitcoin continues to fall.
At the start of 2026, the global financial landscape presents an intriguing contrast: while gold reaches all-time highs above $4,900 per ounce, Bitcoin struggles to stay above $90,000, with a 5-16% drop in 2025 and a persistent downward trend. This divergence invites speculation about the underlying forces driving investors toward traditional assets at the expense of cryptocurrencies. Is Bitcoin truly the "digital gold" it was promised to be, or is it revealing its limitations in times of macroeconomic uncertainty?
One initial speculation points to geopolitical and economic uncertainty exacerbated by aggressive policies, such as the 100% tariffs on Chinese rare earth elements announced by President Trump, which triggered massive cryptocurrency sell-offs of $19 billion in a single day. In an environment of rising global tensions, gold is positioning itself as a safe haven with centuries of history, attracting capital flows from institutional investors seeking protection against the devaluation of the US dollar. US national debt is projected to reach $38.5 trillion by 2025, fueling fears of inflation and monetary expansion—scenarios in which gold has historically performed well. Bitcoin, on the other hand, behaves more like a risk asset, correlated with technology stocks and vulnerable to ETF outflows during periods of "risk-off."
Another speculative factor is the Federal Reserve's hawkish stance, which has delayed interest rate cuts, strengthening the dollar and reducing the appeal of Bitcoin, which thrives in conditions of abundant liquidity. While gold benefits from massive purchases by central banks and a "revaluation of confidence" in institutions and fiat currencies, Bitcoin faces whale selling at key levels such as $100,000 and a lack of retail euphoria. Furthermore, the maturing crypto market, with derivatives and hedges that suppress volatility, might be making Bitcoin seem less "exciting" compared to the unstoppable rise of gold and silver, the latter doubling in value according to forecasts.
Could this trend reverse? If the Fed pivots to rate cuts or if a "crisis of confidence" in the dollar accelerates, Bitcoin could regain ground, rivaling gold as a digital hedge. However, by 2026, speculation suggests that investors will prioritize proven resilience over volatile innovation. Gold is soaring because it represents stability in chaos; Bitcoin is falling because it has yet to convince as a universal safe haven. This rotation could mark a turning point, forcing a reassessment of whether cryptocurrencies are speculation or true enduring value.
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