The difference between investor sentiment about gold and Bitcoin has been minimal. Gold’s fear and greed index was at 72 out of 100 – deep into greed territory, while the top crypto’s equivalent reading rose from 18 to 100, a level classified as extreme fear.
For macroeconomist Lynn Alden, this gap tells a story worth noting.
The opposite bet on the next two to three years of Bitcoin
Speaking on the New Era Finance podcast this week, Alden said that if he had to choose between the two assets for the next period, he would choose Bitcoin.
“In my head, if I had to say which one is better than mine, I would say Bitcoin,” he said.
Gold rose sharply. Bitcoin went down a lot. He sees a pendulum swing between the two, and at the moment it has turned out well in favor of gold. He said this would create a potential change.
Gold hit a record high of around $5,608 an ounce in January. Bitcoin, on the other hand, is sitting about 44% below its peak of $126,000 reached last October.
Differences in price performance reflect differences in investor sentiment. Alden acknowledged the gold standard, but called it a bubble.
The sentiment around it is “somewhat euphoric,” he said, while the mood around Bitcoin has turned into what he described as unfairly negative.
He was careful not to claim too much. Both assets can grow at the same time. Both can fall. He does not take the relationship between them as fixed or predictable with certainty. But pressed to call, she did.
BTCUSD trading at $70,274 on the 24-hour chart: TradingView
The power of gold may be an opportunity for Bitcoin
Underlying Alden’s comments is a broader debate about which assets deserve the title of reliable store of value.
Billionaire investor Ray Dalio has fallen hard on gold. Speaking publicly this week, Dalio described gold as the most common form of money and pointed to its position as the second largest reserve asset held by central banks around the world.
Image: OSL
He raises concerns about Bitcoin’s limitations around privacy and its vulnerability to advances in quantum computing — a technological threat that has lingered for years but is gaining more attention as construction begins on large quantum facilities.
I think Bitcoin can reach $1 million by 2030 based on current conditions and progress.
Think long term. pic.twitter.com/6MKqrjojAP
– Brian Armstrong (@brian_armstrong) September 24, 2025
Dalio’s and Alden’s positions are not entirely contradictory. None of the assets have been completely rejected. The question is which one will perform better in a defined window rather than which one will survive in the long run.
Related reading: Stablecoins pose new risk to eurozone lending, ECB says
Coinbase CEO Brian Armstrong made a bold call – he predicted that Bitcoin will reach $1 million by 2030, citing cleaner regulatory conditions in the US, which he called a signal for the rest of the G20.
(Featured image from Bitwise, chart from TradingView)
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