In 2025, Bitcoin's performance diverged from that of precious metals like silver and gold, challenging the "digital gold" narrative. While silver saw a 143% rally and gold reached all-time highs, Bitcoin traded down roughly 8% for the year, despite expectations that it would benefit from similar macro conditions. This divergence suggests that the market currently favors tangible assets like gold and silver as safe havens over Bitcoin, especially amid geopolitical stress and expectations of Federal Reserve rate cuts. The market appears to treat gold and silver as crisis hedges, while viewing Bitcoin as a risk asset more correlated with equities.

In 2025, Bitcoin's performance diverged from that of precious metals like silver and gold, challenging the "digital gold" narrative. While silver saw a 143% rally and gold reached all-time highs, Bitcoin traded down roughly 8% for the year, despite expectations that it would benefit from similar macro conditions. This divergence suggests that the market currently favors tangible assets like gold and silver as safe havens over Bitcoin, especially amid geopolitical stress and expectations of Federal Reserve rate cuts. The market appears to treat gold and silver as crisis hedges, while viewing Bitcoin as a risk asset more correlated with equities.