- Gold and silver hit record highs as Bitcoin lags, raising safe-haven concerns.
- Bitcoin faces trust and familiarity gaps, limiting demand during risk-off periods.
- Profit-taking and long-term rotation act as a “silent IPO,” capping Bitcoin gains.
Gold surged to a fresh all-time high on Thursday, extending its rally as investors kept leaning into traditional safe havens. The metal climbed 2.14% to above $4,900 per ounce, while silver jumped 3.7%, above $96 per ounce. However, Bitcoin moved in the opposite direction, slipping as the broader store-of-value debate returned to center stage.
Bitcoin traded at $89,208, down 0.95% over the past 24 hours and 6.32% on the week. The pullback left the asset lagging while precious metals posted sharp gains. As the price gap widened, market watchers questioned whether Bitcoin could still compete with gold during periods of macro stress.
Gold Strength Highlights Bitcoin’s Weak Spot
Peter Schiff argued that gold and silver now sit at record highs as the dollar weakens. He also said Bitcoin holders face a hidden cost. He claimed they miss gains elsewhere while Bitcoin fails to keep pace.
Additionally, the contrast has fueled more skepticism around Bitcoin’s timing as a defensive asset. Some investors still treat it like a high-beta trade instead of digital hard money. Consequently, that perception can limit demand during risk-off periods.
Bitcoin Still Runs on Trust and Narrative
A Web3 builder, Lancaster.ETH, pointed to the difference in investor familiarity between the two assets. He suggested gold wins because markets understand it and trust it. He also said Bitcoin still sits in a learning phase for many buyers.
Moreover, he framed the sell pressure as a behavior issue rather than a structural flaw. In uncertain moments, investors often buy what feels proven. Hence, Bitcoin faces faster exits when fear rises.
Bianco Research head Jim Bianco also questioned whether Bitcoin’s adoption storyline still drives buying. He suggested the market needs a fresh theme. He argued that recent adoption headlines no longer move price action.
ETFs, Profit-Taking, and the “Silent IPO” Effect
Eric Balchunas from Bloomberg pushed back and highlighted Bitcoin’s longer trend. He noted Bitcoin climbed about 300% in the 20 months before its October peak. Significantly, that type of rally often leads to consolidation instead of instant continuation.
Balchunas also linked the pause to profit-taking from long-term holders. He described the process as a silent IPO, as early investors rotate out after years. Consequently, that supply can cap upside even when long-term demand stays intact.
Related: Trump’s Tariff Reversal Weighs on Gold, Fuels Bitcoin Volatility
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