Experienced analyst Ed Yardeni commented on the recent underperformance of Bitcoin.
According to experienced market analyst Ed Yardeni, gold has become the “best safe haven” with its recent record rise and should now be seen as the “new Bitcoin.”
Ed Yardeni, President of Yardeni Research, drew attention in a market note published today titled “Gold Is The New Bitcoin.” Yardeni stated that investors are turning to gold amid geopolitical risks and market uncertainties, while BTC is behaving more like a “risk-on” or speculative asset.
“BTC has long been described as ‘digital gold,’ but we define gold as ‘physical BTC,'” Yardeni said, adding, “Gold, which has been seen as a hedging tool throughout history, offers investors a safer protection against geopolitical risks.”
Looking at performance through 2025, gold has surged 60% since the beginning of the year, surpassing $4,200, while BTC has lagged behind with a roughly 20% increase. The Nasdaq index performed similarly to Bitcoin during the same period.
In the last month, gold gained 13% while Bitcoin fell 3%. Last week, gold rose 4% while BTC fell 9%.
Yardeni predicts that gold could reach $5,000 in 2026 and $10,000 before the end of the current decade.
Yardeni argued that a liquidity squeeze is behind Bitcoin’s recent decline, with approximately $19 billion in liquidations recently occurring in futures and leveraged positions.
“Some platforms have triggered automatic deleveraging for risk management. This has led to the closure of even profitable or protected positions,” he said.
As prices fell rapidly in the markets, market makers reduced their activities, causing spreads to widen and selling pressure to increase.
Last Friday, after President Donald Trump announced that he could impose tariffs of up to 100% on China, gold surged again, while Bitcoin fell.
Yardeni concluded his assessment by saying, “Investors seeking protection from geopolitical risks are turning to gold and silver again.”
