Bitcoin's price has been a topic of intense debate among investors, especially as it lags behind the performance of gold, which has soared near $5,000. But here's where it gets controversial: while gold has climbed more than 80% during this period of high inflation, geopolitical skirmishes, and interest rate uncertainty, Bitcoin has dropped 14% year over year. So, what's the explanation behind Bitcoin's underperformance? Let's take a closer look at what some seasoned Bitcoin bulls have to say about the situation.
Comfort in the Known (Jessy Gilger, Senior Advisor at Gannett Wealth Advisors)
Jessy Gilger, a senior advisor at Gannett Wealth Advisors, a bitcoin-native wealth management firm, argues that gold's current surge is a temporary political distraction. In times of fear, institutions tend to retreat to what they know because they often lack the foresight to embrace a genuine phase shift in technology. While gold has the heritage, Bitcoin has shown itself to be technically steady at a protocol level for over fifteen years. Gilger expects a regression to the mean where Bitcoin eventually catches up as the market realizes digital scarcity is more efficient than physical legacy.
Transfer of Ownership (Mark Connors, Chief Investment Officer at Risk Dimensions)
Mark Connors, chief investment officer at Risk Dimensions, suggests that the signal is provided if you zoom in. He argues that Bitcoin isn't failing the macro test versus Gold. It is currently capped by three internal forces that most observers miss. Connors believes that it is not a demand problem; it is a supply distribution event. Institutional ETF inflows are massive, but they aren't pushing the price up; they are simply absorbing a decade's worth of supply being dumped by early adopters. He sees a transfer of ownership, not a failure of interest.
Tech Stock Problem (Charlie Morris, CIO ByteTree)
Charlie Morris, CIO of ByteTree, points out that the gold bugs and the Bitcoin maxis use the same narratives: limited supply, money printing, inflation, war, chaos, and so on. However, he believes that gold is the reserve asset for the real world, and Bitcoin for the digital world. Morris argues that today's problems are in the real world. Bitcoin is not failing; it is merely retreating in line with internet stocks, which it has always been closely correlated with since it came to be.
Delayed Rotation Coming? (Peter Lane, CEO Jacobi Asset Management)
Peter Lane, CEO of Jacobi Asset Management, notes that the 'digital gold' narrative hasn't really shown up when it's been tested. Bitcoin hasn't behaved like a true inflation hedge or safe haven during periods of geopolitical stress and monetary uncertainty. Instead, gold and silver have been the overwhelming winners in 2025. Lane believes that there's a long-standing, mass-market comfort with precious metals that Bitcoin simply hasn't earned yet. He still thinks we eventually see a delayed rotation into Bitcoin, but for now, investors are gravitating toward what they know and trust.
Need Another Demand Driver (Anthony Pompliano, Chairman & CEO of ProCap Financial)
Anthony Pompliano, Chairman & CEO of ProCap Financial, acknowledges that Bitcoin has largely been an inflation hedge for the last half-decade. However, with deflation likely on the horizon, Bitcoin will need to find other demand to continue driving the asset higher. Pompliano remains optimistic about Bitcoin's future prospects but recognizes that the macro environment and Bitcoin market participants are rapidly evolving.
A Permanent Solution to Inflation? (David Parkinson - CEO Musquet, BtC Lightning)
David Parkinson, CEO of Musquet, BtC Lightning, dismisses the notion that 'digital gold has failed' as premature noise. He argues that Bitcoin's fixed supply and network growth keep delivering outsized returns vs. inflation and indeed over gold over a multi-year horizon. Parkinson believes that Bitcoin is now emerging as the Internet's native monetary asset. It isn't a 'hedge' against inflation - it's a permanent solution to it. Gold and other traditional inflation hedge assets are enjoying their moment, but ultimately, Bitcoin outlives and outshines them all.
Bitcoin's Time is Coming (Andre Dragosch - Bitwise)
Andre Dragosch, from Bitwise, suggests that the precious metals rally is ultimately due to something that you could call 'muscle memory' - in times of uncertainty, investors resort to those assets that they are familiar with first - and that appears to be gold and silver right now. Dragosch believes that Bitcoin is still perceived as a risky asset, although it has better store-of-value characteristics than gold. He is confident that Bitcoin will start to catch a bid once traditional hard assets have been inflated to obscene levels and capital will start to rotate into more attractively valued assets like Bitcoin. Based on a relative Mayer multiple between Bitcoin and gold, Bitcoin is already at FTX blow-up levels last seen in 2022 relative to gold. There is also a massive under-pricing of Bitcoin relative to both the macro environment in 2026 and the level of global money supply that will most likely resolve to the upside over the coming months.
