Bloomberg’s Eric Balchunas rebuts "no longer digital gold" claims as Bitcoin trails gold in 2025
In 2025, Bitcoin closed the year with a 6% loss while gold surged 65%, driving the BTC/gold ratio down nearly 70% from its late-2024 peak to about 13 ounces. Bloomberg ETF analyst Eric Balchunas argued that judging Bitcoin’s "digital gold" status on a single year of underperformance ignores its long-term record of outpacing gold in most years since 2012. Weak U.S. spot BTC ETF inflows and stronger gold ETF demand have widened the divergence, though the BTC/gold ratio is approaching support levels last seen in the 2022 bear market.