What Gold and Copper’s 2025 Rally Reveals About Bitcoin
Gold and copper are leading performers in 2025, and that leadership is telling. Gold reflects growing concern over global debt levels, currency stability, and long-term fiscal risks. Copper, meanwhile, signals optimism tied to AI expansion, the energy transition, and rising infrastructure demand.
Bitcoin was expected to benefit from both dynamics — yet it has lagged.
Part of the explanation is structural. Gold enjoys sovereign demand, with central banks holding it as a reserve asset. Bitcoin, while appealing to individuals and institutions, still lacks that same level of official anchoring.
There’s also an element of narrative fatigue. Bitcoin is increasingly framed as a passive store of value rather than a growth asset, which can limit new capital inflows in a market focused either on safety or acceleration.
The falling copper-to-gold ratio points to a late-cycle environment — growth persists, but fragility dominates. Historically, Bitcoin has often consolidated during this phase before reacting sharply once monetary stress intensifies.
This may not be Bitcoin underperforming.
It may simply be waiting.
