In a recent interview with Yahoo Finance, Deutsche Bank Macro Strategist Marion Laboure delivered a critical assessment of Bitcoin’s status, declaring, “Bitcoin is not digital gold.” She added that the cryptocurrency has experienced a notable divergence from traditional gold, which outperformed Bitcoin by 65% in 2025, while Bitcoin itself saw a decline of 6.5%.
Laboure emphasized Bitcoin’s failure to fulfill the roles of a payment method or currency, arguing that it is unlikely to replace either gold or fiat currencies. Instead, she suggested that Bitcoin is undergoing a transition from being a purely speculative asset to one that may develop real use cases in the future.
This commentary comes amid a challenging period for Bitcoin, which has seen its price fluctuate around $67,000 after dropping as low as $60,000. Despite this recent recovery, the cryptocurrency remains down over 23% year-to-date. Laboure attributed this decline to several factors, including stalled market structure legislation in the U.S., the Federal Reserve’s hawkish stance, and a prevailing risk-off sentiment among investors.
Significantly, she noted a decline in U.S. cryptocurrency adoption, with ownership dropping from 17% in July to just 12% by December. Laboure indicated that substantial recovery in Bitcoin’s market price is unlikely until greater clarity emerges regarding regulations and its practical use cases.
Laboure’s insights mirror sentiments expressed by Geoffrey Kendrick, Standard Chartered’s Global Head of Digital Assets Research. Kendrick recently indicated that the cryptocurrency market might endure additional hardship in the short term, forecasting a potential drop of Bitcoin to $50,000. Nonetheless, he remains optimistic about a rebound towards the $100,000 mark by the end of the year, especially with the potential confirmation of Federal Reserve chair nominee Kevin Warsh in May.
The market continues to navigate a complex landscape, where investor skepticism, regulatory uncertainties, and shifting economic conditions contribute to fluctuating prices and adoption rates in the cryptocurrency sector. As stakeholders await clarification on market regulations, both investors and strategists remain cautious about the future trajectory of Bitcoin and the digital asset market as a whole.
