Core Insights - Geopolitical tensions are driving investors towards gold as a hedge, while bitcoin is struggling to maintain its status as a safe-haven asset [1][6] - Bitcoin's price has fallen below $90,000, failing to reclaim the $100,000 mark, and related stocks have also seen declines [2][6] - The debate continues over bitcoin's role in investment portfolios, with some experts questioning its effectiveness as a hedge against geopolitical risks [3][4] Geopolitical Impact - The CBOE Volatility Index surged, indicating increased market fear following President Trump's comments about Greenland, which negatively impacted bitcoin prices [1] - Veteran investors, including Ray Dalio, have suggested gold and bitcoin as protective assets, but recent performance raises doubts about bitcoin's role [3][4] Bitcoin vs. Gold - Bitcoin is currently underperforming compared to gold, which is trading at all-time highs, leading to discussions about its classification as a risk asset versus a hedge [4][6] - A study from Duke University indicates that while gold and bitcoin were correlated, bitcoin's unique risks make it unlikely to replace gold as a safe-haven asset [4] Market Sentiment - Analysts suggest that investors should consider holding both gold and bitcoin, depending on market conditions, rather than viewing them as mutually exclusive [5] - The potential passing of the Clarity Act, aimed at creating a regulatory framework for cryptocurrency, could serve as a catalyst for bitcoin price recovery, although progress on this legislation has stalled [5][7]

Core Insights - In December 2025, silver became more volatile than Bitcoin, indicating a significant shift in the perception of macroeconomic risk [1] Group 1 - Silver's volatility surpassing that of Bitcoin marks a reversal of long-held assumptions regarding asset behavior in response to macroeconomic factors [1]

Core Insights - The divergence between Bitcoin and gold prices indicates a potential shift in investor behavior and expectations for 2026, with Bitcoin experiencing significant price drops while gold remains stable or grows modestly [1][3] Group 1: Bitcoin's Performance - Bitcoin has seen substantial price declines in the past, specifically 73% in 2018 and 64% in 2022, while gold has maintained its value during these turbulent periods [1] - The price of Bitcoin is projected to fall below $100,000 in 2025, contrasting with gold's strong bullish momentum [1] Group 2: Digital Gold Thesis - Bitcoin is often referred to as "digital gold" due to its limited supply, with a maximum of 21 million coins, of which nearly 20 million have been mined [2] - Michael Saylor predicts Bitcoin could reach a value equivalent to gold's market cap of $32 trillion, suggesting a potential 10- to 15-fold increase in value [2] Group 3: Market Sentiment and Asset Classification - The recent performance of Bitcoin has raised questions about its classification as a safe-haven asset, as it remains volatile and speculative, unlike gold, which is viewed as a stable investment [3] - The Bitcoin-to-gold ratio has broken from a triangle pattern and is currently consolidating in a support zone, indicating potential for a rebound [4]

Markets kicking off December with losses though, even after last week's big rebound. Historically, December has been a seasonally strong month without much volatility. Will this December prove to be the same.Well, joining us now is Max Kentner. He is chief multi-asset strategist at HSBC. Max, it's great to have you back on the show.And let's start right there because historically December tends to be one to remember for all the right reasons. How do you see this market shaping up right now into year end. >> ...