Analysis: In 2025, bitcoin’s “digital gold” narrative fails to convince Wall Street investors, drops 6%
According to TechFlow, on December 23, CoinDesk reported that gold and copper performed exceptionally well in 2025, rising by 70% and 35% respectively, far surpassing other major assets. Gold broke through $4,450/ounce to reach a historic high, becoming the preferred safe-haven asset. Bitcoin, as the concept of "digital gold," failed to convince Wall Street investors, falling by 6% and lacking support from sovereign purchases.
The market is showing a polarized trend: on one hand, betting on AI-driven growth (copper), and on the other hand, concerns about systemic financial risks (gold). The copper-to-gold ratio hit a 20-year low, indicating that the global economy is in a state of "fragile expansion." Investors are clearly shifting towards tangible assets, reflecting a decline in trust in fiat currencies and assets that rely purely on fiat liquidity.
Although the blockchain ecosystem made regulatory and institutional progress in 2025, most major Layer-1 tokens still ended with negative returns or remained flat, indicating a disconnect between network usage and token performance.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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Deutsche Bank points out that as central banks in the US, Europe, and Japan are tightening policy simultaneously, the market may still be underpricing the eventual terminal rates. With oil prices remaining high, inflation may spill over into core inflation and wages. Moreover, financial conditions have not tightened in tandem, which could weaken the effect of rate hikes. Citing the experience of 2022, Deutsche Bank notes that the market then expected a total of around 200 basis points of Fed rate hikes in the first year, but the final figure exceeded 400 basis points, illustrating that the market often underestimates the terminal rate.
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