A Deutsche Financial institution strategist argued that bitcoin has “decoupled” from gold and now not suits the “digital gold” label, pointing to a pointy divergence in 2025 efficiency as regulation uncertainty and ETF outflows weigh on sentiment.
In a Yahoo Finance interview, Deutsche Financial institution senior strategist Marion Laboure instructed Government Editor Brian Sozzi and senior reporter Ines Ferré that bitcoin’s volatility hasn’t disappeared, it’s merely displaying up once more, at an ungainly second for a market that spent a lot of final yr promoting a cleaner institutional adoption story.
Is Bitcoin No Longer Digital Gold?
Laboure framed current weak spot as one other reminder that “volatility is a function of Bitcoin. It’s not a bug,” whereas flagging what she described as “loads of ETFs outflows” since October alongside a messy coverage backdrop in Washington. She pointed to the Stablecoin “Genius Act” being signed final yr, however mentioned the Readability Act “remains to be in Congress and gives an extra layer of uncertainty.”
She additionally cited a pullback in retail participation. “In our newest survey, we regarded on the US crypto adoption,” Laboure mentioned. “And in July, we had 17% of People who had invested in crypto. And the quantity was all the way down to 12% in December.”
Bitcoin is “now not digital gold,” Deutsche Financial institution strategist Marion Laboure says. “Gold outperformed by 65% in 2025. Bitcoin declined by 6.5%.” pic.twitter.com/eBCYp4cxMt
— Yahoo Finance (@YahooFinance) February 11, 2026
Pressed on whether or not bitcoin nonetheless deserves the “digital gold” tagline, Laboure leaned on returns. “If you concentrate on that, if I have a look at the 2025 efficiency, it’s not digital gold or it’s now not digital gold,” she mentioned. “Gold outperformed by 65% in 2025. Bitcoin declined by 6.5%. So we’re clearly seeing this divergence.”
Her broader framing was that bitcoin stays caught between narratives. “Bitcoin, I might say it’s not a way of fee. It’s not a forex. It’s unlikely to switch gold or fiat currencies,” Laboure continued. “And I believe the best way I see Bitcoin is we’re on this transition, we’re transitioning between a pure speculative asset to a extra reasonable use case.”
Laboure additionally returned to what she known as a “Tinkerbell impact,” describing a dynamic the place worth rises on perception somewhat than fundamentals, till it doesn’t. “So principally, it’s when the worth is predicated on wishful considering, far more than elementary elements,” she mentioned.
Requested what might reignite upside momentum, Laboure pointed again to the final two years’ catalysts and advised the transfer nonetheless seems to be bigger than these inputs alone clarify. She famous bitcoin’s run from roughly $35,000 in November 2023 via a interval she known as “distinctive years,” citing ETF approvals, the halving, and a “very constructive stance” from President Trump after his election.
“However all these elements alone most likely didn’t absolutely clarify the transfer that we had from $35,000 in November 2023 to over $120,000 in October final yr,” she mentioned, arguing that the market remains to be trying to find a extra sturdy anchor than narrative-driven flows.
X Pushes Again
Laboure’s “digital gold” critique drew instant rebuttals on X. Bloomberg ETF analyst Eric Balchunas known as it “a superb argument to make” however added: “To hinge it on one yr’s returns is absurd. Does that imply it WAS digital gold in 2023 and 2024 when it was up 450%? However now it isn’t as a result of gold did higher in 2025. Make it make sense.”
Others went extra advert hominem. VP of Investor Relations at Nakamoto Steven Lubka dismissed the feedback as coming from a “CBDC shill,” referencing an older quotation the place she mentioned: “With regards to retail CBDCs, the query shouldn’t be whether or not it is going to occur, however when.”
At press time, BTC traded at $68,007.
Featured picture created with DALL.E, chart from TradingView.com
Editorial Course of for bitcoinist is centered on delivering completely researched, correct, and unbiased content material. We uphold strict sourcing requirements, and every web page undergoes diligent evaluation by our group of high know-how specialists and seasoned editors. This course of ensures the integrity, relevance, and worth of our content material for our readers.
