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Bitcoin Is ‘No Longer Digital Gold,’ Deutsche Bank Strategist Says

A Deutsche Bank strategist argued that bitcoin has “decoupled” from gold and now not suits the “digital gold” label, pointing to a pointy divergence in 2025 efficiency as regulation uncertainty and ETF outflows weigh on sentiment.

In a Yahoo Finance interview, Deutsche Bank senior strategist Marion Laboure instructed Executive Editor Brian Sozzi and senior reporter Ines Ferré that bitcoin’s volatility hasn’t disappeared, it’s merely exhibiting up once more, at a clumsy second for a market that spent a lot of final yr promoting a cleaner institutional adoption story.

Is Bitcoin No Longer Digital Gold?

Laboure framed latest weak point as one other reminder that “volatility is a function of Bitcoin. It’s not a bug,” whereas flagging what she described as “a lot of ETFs outflows” since October alongside a messy coverage backdrop in Washington. She pointed to the Stablecoin “Genius Act” being signed final yr, however mentioned the Clarity Act “remains to be in Congress and supplies a further layer of uncertainty.”

She additionally cited a pullback in retail participation. “In our newest survey, we seemed on the US crypto adoption,” Laboure mentioned. “And in July, we had 17% of Americans who had invested in crypto. And the quantity was right down to 12% in December.”

Pressed on whether or not bitcoin nonetheless deserves the “digital gold” tagline, Laboure leaned on returns. “If you concentrate on that, if I take a look at the 2025 efficiency, it’s not digital gold or it’s now not digital gold,” she mentioned. “Gold outperformed by 65% in 2025. Bitcoin declined by 6.5%. So we’re clearly seeing this divergence.”

Her broader framing was that bitcoin stays caught between narratives. “Bitcoin, I might say it’s not a method of cost. It’s not a foreign money. It’s unlikely to interchange gold or fiat currencies,” Laboure continued. “And I feel the best way I see Bitcoin is we’re on this transition, we’re transitioning between a pure speculative asset to a extra sensible use case.”

Laboure additionally returned to what she known as a “Tinkerbell impact,” describing a dynamic the place value rises on perception relatively than fundamentals, till it doesn’t. “So mainly, it’s when the worth is predicated on wishful considering, rather more than elementary components,” she mentioned.

Asked what may reignite upside momentum, Laboure pointed again to the final two years’ catalysts and prompt the transfer nonetheless seems bigger than these inputs alone clarify. She famous bitcoin’s run from roughly $35,000 in November 2023 by a interval she known as “distinctive years,” citing ETF approvals, the halving, and a “very positive stance” from President Trump after his election.

“But all these components alone most likely didn’t absolutely clarify the transfer that we had from $35,000 in November 2023 to over $120,000 in October final yr,” she mentioned, arguing that the market remains to be looking for a extra sturdy anchor than narrative-driven flows.

X Pushes Back

Laboure’s “digital gold” critique drew instant rebuttals on X. Bloomberg ETF analyst Eric Balchunas known as it “a positive argument to make” however added: “To hinge it on one yr’s returns is absurd. Does that imply it WAS digital gold in 2023 and 2024 when it was up 450%? But now it isn’t as a result of gold did higher in 2025. Make it make sense.”

Others went extra advert hominem. VP of Investor Relations at Nakamoto Steven Lubka dismissed the feedback as coming from a “CBDC shill,” referencing an older quotation the place she mentioned: “When it involves retail CBDCs, the query isn’t whether or not it can occur, however when.”

At press time, BTC traded at $68,007.

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