Analyst: It's Not Bitcoin or Gold That’s Dying, But Fiat. Chief Investment Officer (CIO) of Bitwise, Matt Hougan, revealed that it's not Bitcoin (BTC) or gold that's weakening, but fiat currencies. Recently, many national currencies around the world have been losing value against the US dollar.
"Three months ago, Bitcoin was considered dead. Now, it seems gold is the one that’s seen as dead. Here’s a hint: what’s really dead is fiat currency," he stated on his X account on Sunday (10/05).
For example, the rupiah was once the 5th weakest currency in the world against the dollar, according to a Forbes Advisor report as of April 2026. The rupiah, along with the Iranian rial, Lebanese pound, Vietnamese dong, and Lao kip, are in this position.
On the flip side, Bitcoin has shown stronger performance compared to gold since the Iran conflict broke out in February 2026. Amid escalating geopolitical tensions, the largest crypto asset has been climbing while gold has lost its momentum.
Market tracking data indicates that Bitcoin has risen approximately 7% to 10% during the war period. Conversely, gold prices have remained stagnant and even corrected more than 3% in recent weeks.
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