Bitcoin is no longer beating the big asset classes. Once pitched as “digital gold” and a higher-octane counterpart to the Nasdaq and S&P 500, the world’s largest cryptocurrency now lags all three over the past five years after its recent ferocious rout. Most Read from Bloomberg Since early 2021, Bitcoin has returned roughly 73% — trailing gold at 164%, the Nasdaq 100 at 82% and the S&P 500 at 75%, and the Nasdaq 100 at 82%, according to data compiled by Bloomberg. On Thursday, Bitcoin was down about 7% ...

Core Insights - The cryptocurrency industry experienced significant excitement when Bitcoin reached a new all-time high of over $126,000 in early October 2025, with many claiming it had established itself as the world's top asset [1] - Bitcoin is often compared to gold, with proponents labeling it as "digital gold" due to both assets having limited supply and being viewed as stores of value against inflation [2] - Following a crypto flash crash on October 10, 2024, Bitcoin struggled to recover, while gold saw increased demand, reaching new all-time highs [3] Performance Comparison - Since 2022, Bitcoin has surged by 429%, outperforming gold's 177% increase, silver's 350% rise, and the Invesco QQQ's 140% gain [4] - Despite a challenging period, Bitcoin has been described as having "spanked everything so bad" in 2023-24, indicating its strong performance relative to other assets [5] - The current sentiment among Bitcoin maximalists is low, but analysts suggest this perspective may be short-sighted, as Bitcoin is seen to be taking a necessary pause to align with its institutional narrative [5]

In his latest interview, Ray Dalio says BTC is unlikely to be held by central banks and others because it is traceable and others can monitor you and this is why he prefers gold.This will continue to be a huge hindrance. An SoV must be private.Zcash https://t.co/gPvNd52ZwP ...

Right now, there is no way to tell a story that makes Bitcoin a reliable store of value https://t.co/VfDscCXFlL ...

Cryptocurrency Positioning - Bitcoin aims to serve as a store of value [1] - Zcash aims to serve as a store of wealth [1] Market Necessity - Both Bitcoin and Zcash are deemed necessary within the cryptocurrency ecosystem [1]

Core Argument - A debate at Binance Blockchain Week in Dubai highlighted differing views on whether Bitcoin or tokenized gold is a better store of value and medium of exchange in the current financial ecosystem [1] Group 1: Bitcoin as a Payment Method - Peter Schiff criticized Bitcoin's utility for payments, claiming that transactions are merely speculative moves as users convert Bitcoin to fiat rather than spending it directly [2] - Changpeng Zhao (CZ) countered that Bitcoin can function effectively for payments through crypto cards, where users can swipe and merchants receive their preferred currency [3] - CZ emphasized that intermediaries simplify the conversion process, providing unique advantages for Bitcoin due to its digital nature and growing adoption [4] Group 2: Speculative Nature of Bitcoin - Schiff argued that Bitcoin's value is determined solely by what the next buyer is willing to pay, contrasting it with traditional assets that generate income [5] - CZ responded by asserting that Bitcoin has established itself as a long-term asset, attracting a diverse range of developers, investors, and institutions, and that speculation is just one aspect of its ecosystem [5]

Multiple high-inflation countries are accelerating the use of crypto assets as an alternative store of value. Chainalysis data shows that from July 2024 to June 2025, Turkey recorded $200 billion in crypto transaction volume (local inflation around 32%), Argentina $93.9 billion (inflation around 31%), Nigeria $92.1 billion (inflation around 16%), Venezuela $44.6 billion (inflation over 170%), and Bolivia $14.8 billion (inflation around 22%). https://t.co/xSblFPz1Xu ...

Network Effects & Valuation - The existing store-of-value network possesses substantial network effects [1] - Newer networks are comparatively small and less significant [1] - These smaller networks may negatively impact the functionality of the larger, valuable store-of-value network [1]

RT Nick Szabo (@NickSzabo4)Bitcoin's functionality as a store of value is not improved by most of these apps, and as the legible content problem illustrates, it is often degraded by their demands for legible-sized data buckets and other demands that degrade Bitcoin's trust minimization, make its operation riskier or otherwise more costly, or prevent it from making improvements that would further minimize trust or otherwise improve its currently superior ability to store value. ...

BlackRock’s digital assets head Robbie Mitchnick said Bitcoin investors aren’t betting on it becoming a global payment network, calling that scenario “out-of-the-money optionality,” while the core thesis remains digital gold and store of value. He added that Bitcoin would need major progress in scaling and Lightning to compete in payments, whereas stablecoins have already seen “huge success” and are expanding from crypto trading and DeFi into retail remittances, corporate cross-border payments, and capital- ...