Bitcoin Lags Gold As Wall Street Doubts Persist, Claims Expert

The past week saw a rare occurrence where US equities, Treasurys, and the dollar all declined simultaneously, which macro investor Jordi Visser described as the moment the system officially broke. Despite this, Bitcoin's price action has remained muted, failing to respond with comparable strength to gold's rally. Visser attributes this divergence to deep-rooted skepticism from institutional finance, which views Bitcoin through an equity-like lens. He notes that US government bonds, long considered the most risk-free asset, are no longer behaving as such, with US bonds down over 5% month-to-date. Visser believes that the implications for Bitcoin in this environment are complex, and its underperformance relative to gold is not a repudiation of its long-term thesis. He emphasizes that Bitcoin's moment will likely come not amid the crisis itself, but in its aftermath, when monetary authorities begin resorting to aggressive stimulus. Visser predicts increased volatility and declining trust in legacy financial infrastructure, which could serve as long-term tailwinds for Bitcoin. He ties Bitcoin's trajectory closely to global liquidity cycles, noting that a falling dollar boosts liquidity globally, particularly for emerging markets and risk assets. Visser believes that decentralized systems, including Bitcoin, will inevitably grow more relevant in a world where nationalism replaces globalism and bilateral trust continues to erode. He sees Bitcoin not as a failed safe haven, but as an emergent asset still waiting for its structural breakout moment, which he believes will come when Wall Street stops viewing Bitcoin as a risk-on tech proxy and central banks revert to monetary stimulus.