On Monday, gold and silver hit new all-time highs while Bitcoin lagged. Analysts say this weakens Bitcoin’s case as a debasement hedge for investors.
Bitcoin fell below 20 ounces in gold terms to start 2026, data shows. The crypto pair now trades near two-year lows against gold on charts.
Karel Mercx of Beleggers Belangen argues Bitcoin failed as the debasement trade. “The verdict is in: the debasement trade is Gold & Silver, not Bitcoin.”
Michaël van de Poppe warned metals must accelerate after fresh highs or markets may reverse. “Gold has made a new all-time high.”
Benjamin Cowen said gold’s strength versus the S&P 500 could alter decade-long trends. “If SPX breaks down against Gold, the environment we have found ourselves in for the last decade will completely change.”
In September 2025, Karel Mercx had declared Bitcoin’s four-year cycle dead. “BTC priced in gold shows each cycle weaker then the last one, and now the first 4-year loss.”
