Bitcoin falls behind gold in the 'debasement trade' war
Since the beginning of 2026, bitcoin has posted a marked underperformance against gold. According to analyst Karel Mercx, the leading cryptocurrency has lost its status as a hedge against currency devaluation. The BTC price plunged below 20 ounces of gold, marking a two-year low in financial markets.
This trend is explained by growing distrust from investors towards digital assets, considered too volatile in a tense macroeconomic environment. While
precious metals break records, bitcoin remains 20% below its 2025 peak.
The bitcoin cycle thus seems broken. Long driven by four-year increases, the crypto market struggles to regain momentum. Even seasoned traders like Michaël Van de Poppe believe time is running out before another major correction.
An open future for bitcoin according to long-term supporters
Some crypto analysts refuse to bury BTC. This is notably the case for fund manager James Lavish. He believes the rise of US public debt and the future Fed monetary policy will play in favor of the crypto queen.
The same view comes from Eric Balchunas, an analyst at Bloomberg. He sees the debasement trade as a long-term strategy. According to him, global liquidity continues to increase. This will ultimately benefit bitcoin. In addition, the approval of Bitcoin ETFs in the United States 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 is just beginning!
