This is The Takeaway from today's Morning Brief, which you can sign up to receive in your inbox every morning along with: What we're watching What we're reading Economic data releases and earnings The stock market got a major roller-coaster ride this week, with the S&P 500 (^GSPC) falling 2.6% before clawing back gains on Friday. But both bitcoin (BTC-USD) and gold (GC=F), the modern and traditional "stores of value," had even wilder runs, falling around 20% and 7%, respectively. Both, like stocks ...

Despite the US Dollar Index falling more than 10% over the past year, Bitcoin price has failed to show strength, leaving investors confused. On the other hand, a weakening dollar is pushing precious metals like gold and silver to fresh highs. JPMorgan strategists explain the reason why BTC is failing to catch up despite the USD weakness. Why Bitcoin Price Underperformed Despite US Dollar Index Drop Historically, BTC price usually moves in the opposite direction to the USD. Explaining the linearity betw ...

Michael Saylor’s Strategy has expanded its Bitcoin treasury again, acquiring an additional 2,932 BTC for approximately $264.1 million during the period from Jan. 20 to Jan. 25. The company disclosed that the purchases were made at an average price of $90,061 per Bitcoin, inclusive of fees and expenses. The update reinforces Strategy’s position as the largest corporate holder of Bitcoin globally, continuing its multi-year accumulation strategy that has become central to its balance sheet approach. Total ...

Core Viewpoint - 2026 is expected to be another significant year for precious metals, particularly gold, which has seen a substantial increase in demand due to economic uncertainties and political turmoil [1][2][3]. Group 1: Market Performance - The SPDR Gold Trust (GLD) experienced a remarkable 64% increase in 2025, outperforming all major U.S. stock market indices [2]. - The U.S. government faced a $1.8 trillion budget deficit in fiscal 2025, raising national debt to a record $38.5 trillion, with another trillion-dollar deficit anticipated in fiscal 2026 [8]. Group 2: Demand Factors - Gold's appeal as a store of value is partly due to its scarcity, with only 216,265 tons mined throughout history, compared to 1.7 million tons of silver [4]. - The depreciation of paper currencies, particularly the U.S. dollar, has driven investors towards gold as a hedge against inflation and currency devaluation [5][8]. Group 3: Historical Context and Expectations - Historically, gold has averaged an annual gain of 8% over the last 30 years, suggesting that while conditions are favorable for price increases, expectations should be tempered following the extraordinary 64% gain in 2025 [9][10]. - The S&P 500 index has outperformed gold, averaging an 11% annual gain over the same period, indicating that gold may not always be the best investment compared to income-generating assets [10]. Group 4: Investment Strategies - Gold can be a valuable component of a diversified portfolio, especially in the current economic climate, with recommendations from notable investors like Ray Dalio suggesting a 15% allocation to gold [12]. - The SPDR Gold ETF offers a convenient way for investors to gain exposure to gold without the storage and insurance costs associated with physical gold [13][14].

Core Viewpoint - The article discusses the increasing significance of gold as a store of value amid rising inflation, political turmoil, and economic uncertainty, predicting that gold prices could reach $5,000 per ounce by 2026 [4][12]. Economic Context - The U.S. dollar has seen a 90% decline in purchasing power since abandoning the gold standard in 1971, with a significant increase in money supply contributing to this decline [1]. - The U.S. national debt has reached a new high of $38.5 trillion, with a budget deficit of $1.8 trillion for fiscal year 2025, raising concerns about further devaluation of the dollar [8]. Investment Insights - Ray Dalio, founder of Bridgewater Associates, suggests that investors should consider increasing their gold allocation to 15% of their portfolios due to the current economic climate, which contrasts with traditional advice of keeping it at 5% [9][16]. - Gold has appreciated by 67% in 2025, driven by investor demand during periods of high inflation and economic uncertainty [6][7]. Gold Market Dynamics - Gold is recognized globally as a scarce resource, with only 216,265 tons extracted throughout history, making it a reliable store of value [3]. - The SPDR Gold Trust, a major gold ETF, manages $146 billion and offers investors a convenient way to gain exposure to gold without the challenges of physical storage [14]. Future Projections - The article predicts that gold could reach $5,000 per ounce in 2026, providing a potential return of nearly 14% for investors who buy at the current price of $4,400 per ounce [12]. - The conditions for gold to achieve above-average returns in 2026 are favorable, given the expected continuation of a trillion-dollar deficit and elevated inflation [11].

Store of Value (SoV) Potential - Broader acceptance of ETH as a Store of Value is the single biggest catalyst for its price appreciation [1] - The gap between those who see ETH as SoV and those who don't represents a significant upside potential [1] Catalysts and Complexity - Tokenization, Layer 2 solutions (L2s), and fundamental adoption are potentially positive catalysts for ETH [1] - These catalysts also introduce complexity to the narrative surrounding ETH [1]

Key Opinion - Broader acceptance of $ETH as a Store of Value is the single biggest catalyst [1] - The gap between those who see $ETH as a Store of Value and those who don't represents a huge upside [1] Potential Risks - Tokenization, L2s, and fundamental adoption might complicate the $ETH story [1]

Key Points Bitcoin Cash is up 30% for the year, at a time when Bitcoin is still in the red. Over the past five years, Bitcoin has decisively outperformed Bitcoin Cash. Long-term buy-and-hold investors should view Bitcoin Cash's performance this year as a market anomaly. 10 stocks we like better than Bitcoin › With market bellwether Bitcoin (CRYPTO: BTC) down 4% for the year, it's no surprise that crypto investors have been scrambling for alternatives. But it's been slim pickings in 2025. Only a ...

Store of Value & Payment Asset Debate - The core debate revolves around whether Bitcoin or tokenized gold serves as a superior store of value and payment asset [1] - Peter Schiff advocates for tokenized gold, highlighting its blockchain transferability combined with "real" backing and lower volatility [1] - CZ champions Bitcoin, emphasizing its trust-minimized design, global liquidity, and borderless portability as long-term advantages [1] Key Discussion Points - The discussion encompassed verification processes and custody trust assumptions related to both Bitcoin and tokenized gold [1] - The debate also touched upon whether the use of crypto cards qualifies as "paying with crypto" [1]

Trump's son: You won't get thrown in jail by the IRS at the airport for carrying BitcoinOn the November 27 episode of the Money Talks podcast, in an interview with Grant Cardone, Eric Trump said that Bitcoin has been the best-performing asset of the past decade. Traditional hard assets like real estate and gold are fixed in location, illiquid, and easily affected by policy changes and natural disasters; gold supply could even surge with space mining, weakening its scarcity. By contrast, Bitcoin is capped at ...