Financial analyst and portfolio manager Karel Mercx has declared the debate between Bitcoin and precious metals over, arguing the "digital gold" narrative has shattered in 2026's economic reality. In scathing commentary, Mercx contends that while Federal Reserve monetary policies have propelled Gold and Silver to fresh all-time highs, Bitcoin has failed to act as the promised hedge against currency debasement.
According to Mercx, the market has rendered its verdict: "The debasement trade is Gold & Silver, not Bitcoin," he wrote. "A frontal attack on the FED sends metals to fresh ATHs while BTC sits 20% below its peak. The narrative is broken." This perspective is supported by data showing Bitcoin priced in gold has hit two-year lows, failing to hold above 20 ounces in gold terms at the start of 2026.
Mercx, of Dutch investment advisory firm Beleggers Belangen, argues that Bitcoin's 4-year price cycle narrative is dead. He claims capital flows are now pointing toward gold and silver, particularly amid market reactions to U.S. actions against Fed Chair Jerome Powell. He explicitly rejects claims of "Bitcoin Derangement Syndrome," asserting he has been through three BTC cycles and views Bitcoin as a "liquidity sponge" whose price is directly correlated to the cost of money, specifically the US 2-year yield.
Contrary viewpoints exist within the industry. Hedge fund manager James Lavish maintains a long-term bullish outlook for crypto, tracing the structural case for Bitcoin back to the 1971 end of the gold standard and subsequent U.S. debt and inflation issues. However, other figures like crypto trader Michael Van de Poppe and CEO Simon Dixon of Bnk To The Future have echoed concerns about Bitcoin's cycle, with Dixon stating "the BTC 4-year cycle is dead" and 2026 heralding a new era.
At the time of reporting, Bitcoin was trading at $92,031, up 2% monthly but still significantly below its all-time high. Gold was at $4,596 per ounce, and Silver at $85.
