Analyst says gold, not Bitcoin, is winning the 'debasement' trade

New analysis from Karel Mercx of Dutch advisory Beleggers Belangen says Bitcoin is losing out to gold as precious metals hit new all-time highs on Monday.

Mercx argues Bitcoin has failed as the so-called “debasement trade.” He noted BTC priced in gold slipped below 20 ounces to start 2026 and is circling two-year lows, citing TradingView data. Meanwhile, gold and silver are in price discovery as markets react to US government action involving Federal Reserve chair Jerome Powell.

Mercx wrote on X: “The verdict is in: the debasement trade is Gold & Silver, not Bitcoin,” and added, “The narrative is broken,” saying “Investors are choosing the original hard money over the digital experiment. Book closed.”

Other observers warned of rising urgency for crypto markets: Michaël van de Poppe said gold and silver’s breakouts must accelerate or markets risk tumbling, and Benjamin Cowen called gold’s performance versus the S&P 500 “one of the most important charts right now,” saying a breakdown of the S&P against gold would change the decade-long environment. Mercx previously described Bitcoin’s four-year cycle as “dead” last September. The article notes it does not contain investment advice.

Key Topics

Crypto, Bitcoin, Gold, Karel Mercx, Beleggers Belangen, Silver