Gold’s massive rally in 2025 is attracting investors’ attention, with market veteran Ed Yardeni declaring that gold is the “new Bitcoin.”
Yardeni argued that gold has overtaken Bitcoin as a safe-haven asset amid growing geopolitical uncertainty.
“Bitcoin has been described as ‘digital gold,’ but we describe gold as ‘physical Bitcoin,’” Yardeni wrote in a note Wednesday from Yardeni Research, highlighting gold’s historical reliability compared to Bitcoin’s shorter track record and risk behavior. I mentioned By CNBC.
The numbers support his claim. gold It has risen Nearly 60% year to date, while Bitcoin’s gains have been closer to 20%. In recent weeks, gold has risen almost 4%, while Bitcoin has fallen 9%, and the Nasdaq has fallen almost 1%.
The price of gold is currently more than $4,200 per ounce. One year ago, the price per ounce was about $2,600.
The rally in gold today can be partly attributed to President Trump to threaten China with “retaliation” on trade, including a potential ban on Chinese cooking oil, amid long-standing tensions over soybeans and other commodities.
The escalation raises a state of economic uncertainty in the United States, which enhances demand for gold as a safe haven asset.
Yardeni: Bitcoin is experiencing liquidity pressures
Yardeni attributed the decline in Bitcoin to liquidity pressures, as about $19 billion were recently liquidated in leveraged positions, which led to a reduction in automatic leverage and an expansion of market margins.
By contrast, gold rose after President Donald Trump hinted at 100% tariffs on China, reflecting its role as a geopolitical hedge.
Yardeni expects the price of gold to exceed $5,000 in 2026, and potentially reach $10,000 by the end of the decade.
“Investors looking for protection from rising geopolitical risks are heading to the hills to mine for gold and silver,” he said.
Bitcoin settled near $111,000 this week, after a record high above $126,000 and one of the market’s steepest corrections in years. The rally to all-time highs was driven by renewed institutional demand, falling real yields, and increasing reliance on “discount trading,” as investors sought protection against monetary expansion.
The rebound came after a brutal weekend wiped out more than $19 billion in leveraged positions, forcing more than 1.6 million traders to liquidate in successive margin calls.
Despite the turmoil, long-term coin holders have remained steady, and metrics such as “destroyed coin days” indicate that most of the selling has come from new entrants who have surrendered at a loss. Bitcoin fundamentals, including hash rate, transaction throughput, and active addresses, continued to trend upward.
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