Here’s why bitcoin’s been failing its role as a 'digital gold'
Bitcoin acts like an 'ATM' during stress, being sold for cash, unlike gold which is held as a true safe haven.Summary
Despite theory suggesting Bitcoin should thrive during uncertainty as sound, censorship-resistant money, recent geopolitical tensions showed it losing value while gold surged. This divergence is attributed to how investors use each asset during stress: Bitcoin's high liquidity and instant settlement make it an easy asset to sell quickly for cash, functioning more like an "ATM" during panic, according to NYDIG's Global Head of Research, Greg Cipolaro. Conversely, gold tends to be held. Furthermore, central banks are buying gold at record levels, creating structural demand, while on-chain data suggests long-term Bitcoin holders are selling, creating a "seller overhang." Cipolaro notes that gold excels as a hedge against immediate confidence loss and short-term shocks, whereas Bitcoin is better suited for hedging long-run monetary disorder and slow-moving trust erosion unfolding over years, not weeks.
(Source：CoinDesk)