As Gold Shines, Bitcoin Believers Say BTC’s Real Move Hasn’t Started

This week, bitcoin is trading 29% below its all-time high from October, when the bellwether digital asset cleared $126,000 per coin, leaving its most ardent backers to reckon with an uncomfortable reality: precious metals like gold have been stealing the spotlight. Still, plenty of die-hard crypto believers remain convinced that once gold’s run loses steam, bitcoin is next in line for a dramatic comeback.

Precious Metals Advocates Flex as Bitcoin Bulls Argue the Wait Will Be Worth It

There’s no shortage of bickering across social media platforms like X over bitcoin’s showing versus gold’s eye-catching run. While bitcoin still edges out gold on a five-year basis, posting gains of 189% compared with gold’s 158%, the gap is narrowing by the day. Adding to the discomfort, silver has already pulled ahead, with its five-year performance topping bitcoin after climbing 261% over the past 60 months.

On Thursday, Jan. 22, gold is changing hands at $4,833 per ounce, while silver clocks in at $93.53 per ounce as of 10 a.m. Eastern. At the same moment, bitcoin ( BTC) is idling around $89,098 per coin, down 8% over the past week. Over on X, defenders of bitcoin are pushing back, arguing that the asset’s current underperformance doesn’t automatically spell doom.

“ Gold going up while BTC struggles doesn’t mean BTC failed,” one X user wrote Thursday. “It means capital is choosing which risk it wants to carry today. That choice changes daily.” Another commentator took a sharper tone, insisting bitcoin is “criminally oversold compared to gold.”

James Check, also known as Checkmate and co-founder of Checkonchain, contends that some bitcoin holders run short on patience whenever gold behaves as expected, adding that both bitcoin and gold are likely to climb over the long haul as fiat currency steadily loses purchasing power. “There are bitcoiners out there who couldn’t handle six months of gold going up,” Checkmate said. “Their conviction melted as they watched gold have what is a normal positive year for the corn (after bitcoin had two of them back to back btw).”

He added:

“Peter Schiff has felt like this for 17-years, and will be back to feeling like that soon enough. He literally grew silver hair waiting for silver to go up. If you’re feeling particularly salty, go buy a gold coin, you’ll put the top in, and then we can get back to regular programming. Both coins are going considerably higher, own them both. Fiat has no bottom.”

This view echoed widely across bitcoin-focused social media circles. “Every gold rally ends with a bitcoin supercycle,” the X account Bitcoin Teddy wrote Thursday. Others chimed in beneath Checkmate’s thread, poking fun at gold with a dose of tongue-in-cheek humor. “Our grandkids will laugh about how we used to dig up shiny yellow rocks out of the ground, make them into bricks, transport them with armed guards, and then pay to store them in a safe,” the X account Finity remarked. “Kinda like how we look at letter-carrying pigeons now.”

Bitcoin proponent Anthony Pompliano said he believes deflation is a major factor weighing on BTC right now, a view others echoed while arguing that gold should be dealing with the same forces as well. “I actually think deflation is one of the major headwinds for bitcoin and is a good data point as to why the asset hasn’t outperformed over the last 12 months,” Pompliano wrote Thursday. Another user jumped in, stressing that “ Gold should be facing those same headwinds but for some reason it’s not. Makes me think, it soon will,” the person added.

Also read: Myrmikan Capital: Gold’s Growth Highlights the Weakness of the US Stock Market

For now, the standoff between bitcoin and precious metals reads less like a verdict and more like a waiting game. Gold and silver are enjoying their moment in the sun, while bitcoin trades well below its October peak, testing the resolve of even its loudest champions. Yet among longtime holders, the mood isn’t panic so much as impatience, mixed with a familiar belief that rotations between assets are temporary and rarely polite.

Whether that confidence proves prescient remains an open question, but the debate itself highlights a deeper divide over time horizons and conviction. To some, gold’s rise is a signal to rethink risk; to others, it’s simply the prelude before capital wanders back toward bitcoin. In the meantime, the argument rages on, memes fly freely, and both camps seem certain of one thing: fiat, in their view, is still the weakest bet of all.

FAQ ❓

• Why is bitcoin underperforming gold right now? Bitcoin is trading well below its October high as some capital has rotated toward gold and silver. How long this lasts is up for debate.
• How has bitcoin performed compared with gold over five years? Bitcoin is still ahead over the past five years, rising 189% compared with gold’s 158% gain. Silver, on the other hand, has outperformed BTC over the five-year run.
• **Why are some investors still bullish on bitcoin?**Many supporters believe bitcoin’s current weakness is temporary and that capital will rotate back once gold’s rally cools. This is debatable.
• **What role does deflation play in bitcoin’s price action?**Some analysts argue deflation has weighed on bitcoin’s performance, even as gold appears less affected for now.