What Gold and Copper’s 2025 Rally Says About Bitcoin
Gold and copper are the two strongest performers of 2025, and their leadership is revealing. Gold reflects deep concern about global debt, currency stability, and long-term fiscal health. Copper reflects optimism around AI, energy transition, and physical infrastructure demand.
Bitcoin was expected to benefit from both narratives. Instead, it has lagged.
One reason is structural. Gold has sovereign demand. Central banks buy it as a reserve asset. Bitcoin, while portable and attractive to individuals and funds, does not yet have that same institutional anchor.
Another reason is narrative fatigue. Bitcoin is increasingly marketed as a passive store of value rather than a growth story, which limits fresh capital inflows in a market chasing either safety or acceleration.
The declining copper-to-gold ratio suggests a late-cycle environment, where growth exists but fragility dominates. In past cycles, Bitcoin often consolidated during this phase before responding sharply once monetary stress intensified.
This may not be Bitcoin failing to perform. It may be Bitcoin waiting.
