Veteran Analyst Says Bitcoin’s Safe-Haven Dream Is Cracking — But Crypto’s Next Era May Just Be Beginning
Bitcoin’s long-held narrative as a secure haven and digital gold is underneath scrutiny, as veteran analyst Ran Neuner, amongst others, questions the pioneer crypto’s future.
Experts define why Bitcoin could not serve the position it as soon as claimed, and why the broader crypto ecosystem could possibly be getting ready to a brand new period.
Bitcoin’s Store-of-Value Thesis Faces Crisis as Crypto Evolves
Despite a weakening US Dollar and mounting international uncertainty, Bitcoin underperformed expectations as a hedge in opposition to fiat debasement.
The US Dollar Index (DXY) fell roughly 9% in 2025, and one other 2% year-to-date in 2026, but Bitcoin declined 20–22% YTD, trading for $68,255 as of this writing. Gold, in contrast, surged, proving resilient in risk-off scenarios.
“When tariffs, foreign money rigidity, and monetary instability hit, this was the second Bitcoin was speculated to behave like a retailer of worth. Instead, capital ran to gold,” wrote analyst Ran Neuner.
Analysts, together with Willy Woo and Henrik Zeberg, reinforce this view, highlighting that Bitcoin behaves as a high-beta, risk-on asset slightly than a secure haven.
Bitcoin’s ideological attract seems to be fading. Retail participation has reached multi-year lows, and early evangelists have largely exited the market.
“We fought for ETF approval. We fought for institutional entry. We needed it contained in the system. Now it’s. There is nothing to combat for anymore…If it’s not used as money, and it didn’t meaningfully take up the stress bid, then what precisely is the narrative?” Neuner said, describing the post-ETF period as a turning level.
Institutional Access Achieved, But at a Cost
With 11 spot Bitcoin ETFs approved, company treasuries holding massive allocations, and pro-crypto regulatory frameworks in place, Bitcoin has totally built-in into TradFi methods.
Michael Burry warned that this shift exposes corporations holding BTC to vital worth erosion if markets proceed to right:
“BTC has failed as a secure haven like gold and behaves extra like a risky inventory tied to the S&P 500,” SwanDesk reported, citing Burry.
Crypto’s Next Phase: AI and Machine-Native Finance Amid Narrative Shift
Neuner sees the long run not in Bitcoin’s store-of-value thesis, however within the rising economic system powered by AI agents.
Trillions of autonomous microtransactions would require instantaneous, programmable settlement rails, a necessity that blockchain networks are uniquely positioned to serve.
“AI brokers received’t use banks. They received’t use bank cards. They’ll want instantaneous, programmable settlement rails. That’s crypto,” he stated.
While Bitcoin struggles to retain its authentic function, broader crypto infrastructure might develop into the inspiration for the following digital economic system.
Analysts counsel that even when Bitcoin bled to death, decentralized networks, altcoins, and blockchain-based options could seize actual utility and income fashions within the AI-driven period.
Neuner’s evaluation highlights a vital turning level for crypto. Bitcoin could not be the ideological engine it as soon as was, however the trade’s potential extends far past a single token.
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