Bitcoin’s long-held narrative as a safe haven and digital gold is under scrutiny, as veteran analyst Ran Neuner, among others, questions the pioneer crypto’s future.
Experts outline why Bitcoin may no longer serve the role it once claimed, and why the broader crypto ecosystem could be on the brink of a new era.
Despite a weakening US Dollar and mounting global uncertainty, Bitcoin underperformed expectations as a hedge against fiat debasement.
The US Dollar Index (DXY) fell roughly 9% in 2025, and another 2% year-to-date in 2026, yet Bitcoin declined 20–22% YTD, trading for $68,255 as of this writing. Gold, by contrast, surged, proving resilient in risk-off scenarios.
Analysts, including Willy Woo and Henrik Zeberg, reinforce this view, highlighting that Bitcoin behaves as a high-beta, risk-on asset rather than a safe haven.
Bitcoin’s ideological allure appears to be fading. Retail participation has reached multi-year lows, and early evangelists have largely exited the market.
“We fought for ETF approval. We fought for institutional access. We wanted it inside the system. Now it is. There is nothing to fight for anymore…If it’s not used as cash, and it didn’t meaningfully absorb the stress bid, then what exactly is the narrative?” Neuner said, describing the post-ETF era as a turning point.
With 11 spot Bitcoin ETFs approved, corporate treasuries holding large allocations, and pro-crypto regulatory frameworks in place, Bitcoin has fully integrated into TradFi systems.
Michael Burry warned that this shift exposes companies holding BTC to significant value erosion if markets continue to correct:
Neuner sees the future not in Bitcoin’s store-of-value thesis, but in the emerging economy powered by AI agents.