Bitcoin is not yet "digital gold", the author argues

An opinion piece questions whether Bitcoin functions as "digital gold," contrasting its volatile price history and heavy promotion with gold's steadier gains and reporting concerns about marketing tactics, leverage and ETF inflows.

An opinion piece questions whether Bitcoin deserves the label "digital gold" and recounts why the debate persists. The author highlights episodes of strong promotion by high-profile advocates and contrasts Bitcoin's volatile swings with gold's steadier performance. He also describes marketing tactics, political spending and corporate strategies that, he argues, push the narrative. The piece frames Bitcoin as an experiment and says its ultimate role in a changing monetary landscape remains unresolved. What the article reports: - The article recounts a 2021 public exchange with Michael Saylor and says Saylor and others have made very large price forecasts while urging aggressive buying. - It reports Bitcoin narratives shifting from payments to store-of-value to "digital gold," and cites sharp price moves (for example, a drop from about $69,000 to $16,000 in an earlier period and swings around 2025 when prices moved between roughly $120,000 and the $85,000–$90,000 range). - The article notes that gold has climbed steadily and states gold reached a record above $4,400 in late 2025. - It reports that spot ETFs from firms such as BlackRock and Fidelity initially drew retail interest but that inflows slowed and Bitcoin prices flattened thereafter. - The piece cites concerns about Bitcoin-focused corporate treasuries, saying one firm was reported as holding about $59 billion of BTC while trading below that asset value with a lower market capitalization, and raises the possibility of leverage-related selling. - The author criticizes aggressive promotion including recycled price clips, alleged deepfakes, large crypto PAC spending in politics, and media advertising that he says amplifies maximalist narratives. Summary: The author concludes that Bitcoin remains a speculative asset heavily promoted by vocal supporters, while gold has behaved more steadily in recent years. Whether Bitcoin will assume the role of "digital gold" is undetermined at this time.