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A macro analyst argues Bitcoin has been underperforming gold because it behaves more like a high-risk asset than a traditional safe haven.
Writing on X, the analyst known as Market Radar said Bitcoin should be viewed as an enhanced version of equities rather than “digital gold”.
He said gold benefits from inflation fears, debt concerns and currency debasement, while Bitcoin thrives when confidence, liquidity and risk appetite are strong.
“Gold is the ultimate bond with no default risk, while Bitcoin is the riskiest asset on the board and an enhanced version of equities, not a competitor to gold,”
Market Radar said.
The analyst said 2025 highlighted this divide as gold rallied on central bank buying while Bitcoin fell as much as 35% from its October peak.
He added that global liquidity conditions are tighter than they appear despite easing policy from the Federal Reserve.
Market Radar pointed to rising rates from the Bank of Japan and stress in the yen carry trade as key sources of pressure on Bitcoin.
“The Fed can be neutral and domestic conditions supportive, yet Bitcoin can still face liquidity headwinds from overseas,”
Market Radar said.
The analyst also said equities are supported by passive investment flows that cushion them during periods of tightening liquidity.
Bitcoin lacks that passive demand, making it more vulnerable during risk-off phases, according to the analysis.
Despite recent weakness, Market Radar said conditions are improving and that a breakout could confirm a renewed risk-on rally.
At the time of reporting, Bitcoin price was $88,400.30.