Haciyev Reşit 
In recent times, Bitcoin’s performance in the cryptocurrency markets has often been compared with the strong rallies seen in gold and silver. Rising uncertainty in global markets, a weakening US dollar, and geopolitical tensions have driven investors toward traditional safe havens, while Bitcoin has not gained the expected momentum during the same period. A noteworthy perspective on this situation comes from Bloomberg ETF analyst Eric Balchunas.
Why Has Bitcoin Lagged While Gold and Silver Hit Records?
In recent days, gold and silver prices have consecutively reached record highs, while Bitcoin remained below the $90,000 mark, ending the week with losses. Rising global uncertainty and a risk-off sentiment have steered investors toward more traditional safe-haven assets. This situation has led some to question Bitcoin’s narrative as “digital gold.” However, according to Bloomberg ETF analyst Eric Balchunas, such assessments focus too much on short-term price movements, overlooking the bigger picture of the market and not fully reflecting Bitcoin’s long-term performance.
Balchunas emphasized that the recent price decline in Bitcoin has been excessively negatively interpreted by the market and should not be considered a trend reversal. According to him, the current price movements indicate a healthy consolidation phase, which is common after periods of strong rallies.
On his post on X (formerly Twitter), Balchunas stated:
“Since 2022, Bitcoin has increased by 429%, far outperforming gold, silver, and the Nasdaq index.”
He noted that short-term price fluctuations can mislead investor perception, and despite the recent dips, Bitcoin continues to deliver stronger and more stable long-term performance compared to gold, silver, and major stock indices. These data clearly demonstrate Bitcoin’s structural strength and long-term potential.
Bitcoin Outperforms Gold and Silver
According to the data shared by Balchunas, Bitcoin has achieved a 429% gain since 2022. In the same period, gold rose 177% and silver 350%. This clearly shows that, despite short-term volatility, Bitcoin remains a leader in long-term performance and offers higher returns compared to other major assets.
The analyst explained that Bitcoin’s extraordinary gains in 2023 and 2024 may lead some investors to perceive the current price pullback as more negative than it actually is. However, Balchunas emphasizes that this phase reflects a natural balancing period following strong rallies, not market weakness. Therefore, this pullback should not be seen as a development that undermines Bitcoin’s long-term growth potential.
Time for Patience, Not Panic
According to Eric Balchunas, the recent correction in Bitcoin does not mean the market has “fallen into a coma,” but rather that it is taking a breather. Even though other assets have traded at record highs for a year, Bitcoin’s long-term performance still outpaces them. Therefore, the analyst advises investors not to overreact to short-term price movements.
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