Macroeconomist Lyn Alden said she expects Bitcoin to outperform gold over the next two to three years, after gold’s sharp run-up.
She said on the New Era Finance podcast:
“If I had to bet Bitcoin versus gold over the next two to three years, I would bet Bitcoin.”
Alden added:
“Gun to my head, if I had to say which one I think outperforms, I would say Bitcoin.”
Gold sentiment vs. Bitcoin sentiment
Alden described gold sentiment as “somewhat euphoric” after it reached a new all-time high of about $5,608 in January.
She said:
“I wouldn’t say it’s a bubble, but it’s somewhat euphoric.”
The JM Bullion gold Fear and Greed Index showed “Greed” at 72 out of 100 on Friday.
By contrast, the crypto Fear and Greed Index posted “Extreme Fear” at 18 out of 100.
Alden said Bitcoin is being treated “somewhat unfairly negative.”
Recent price context
Bitcoin was trading around $71,164, down 44% from its October all-time high near $126,000, according to CoinMarketCap.
Debate over “digital gold”
Alden cautioned against rigid narratives about how the two assets relate.
She said:
“Gold and Bitcoin can go up together, they can go down together.”
Her comments followed billionaire investor Ray Dalio’s warning that Bitcoin is not a reliable long-term store of value, citing a lack of central bank support and concerns including privacy limitations and quantum resistance.
Separately, CryptoQuant CEO Ki Young Ju said in October 2025 that Bitcoin’s correlation with gold was increasing as both strengthened their reputations as macro hedges.
