Veteran ETF analyst Eric Balchunas says Bitcoin is already beating gold if you stop looking at short-term charts. Bitcoin USD is still trading below its late 2025 highs, while gold continues to print new records. This contrast confuses new investors who hear “digital gold” but see very different price action.
This debate is important because many beginners buy Bitcoin for the same reason people buy gold. Security. Protection against inflation. A place to park value when currencies falter.
The fear I see from bitcoiners (and the soccer surge from haters) is very short-sighted to me given that since 2022 (just before the BlackRock ETF filing), Bitcoin is up 429%, gold 177%, silver 350%, QQQ 140%. In other words, Bitcoin spanked everything so much in 23 and… pic.twitter.com/SPNB9RTdzv
– Eric Balchunas (@EricBalchunas) January 27, 2026
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Why does Bitcoin continue to be compared to gold?
Gold is the old-school store of value. It is limited in supply, globally trusted, and has thousands of years of history. Bitcoin copies this idea digitally, with a strict cap of 21 million coins enforced per code.
This is why people call Bitcoin “digital gold”. The bet is simple. If money printing continues, scarce assets should be worth more than cash.
Bitcoin versus gold
Same graph. Same dollars. Very different stories.
Gold did what it was supposed to do.
This preserved purchasing power. Slowly. Reliably.Bitcoin did what no one expected. From a simple experiment, it became one of the most successful assets in history.
Both are… pic.twitter.com/6KbkmlA7Dt
– Vivek Sen (@Vivek4real_) January 17, 2026
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Zooming out changes the story
Balchunas points out that looking only at recent months gives a distorted picture. Since 2022, Bitcoin is up approximately 429%. Gold is up about 177% over the same period.
Think of it like judging a marathon by the last mile. Gold sprinted during the recent panic. Bitcoin stumbled after the October 2025 crash. Over the duration of the run, Bitcoin still ran much further.
(Source: BTCUSD/TradingView)
Why gold “won” the fear market
After the crypto flash crash in October 2025, investors wanted certainty. Gold delivered that. It added nearly $1.75 trillion in market value in a single day in January, roughly the entire size of Bitcoin’s market cap.
This is where age matters. Gold has survived wars, currency resets and financial crises. Bitcoin is 16 years old. When fear mounts, many investors continue to trust the old option.
Most beginners miss the ETF effect
Bitcoin ETFs have been a game changer in 2024. Products like BlackRock’s IBIT and Fidelity’s FBTC have made billions, giving institutions a clean way to buy exposure without handling coins.
Gold ETFs like GLD hold around $60 billion. Bitcoin ETFs have reached comparable scale much more quickly. This flow helps explain why many view Bitcoin versus commodities as a new investment category.
(Source: Bitcoin ETF Net Flow / CMC)
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The post Veteran Analyst Says Bitcoin Has Spanked Gold Over the Long Term appeared first on 99Bitcoins.
