Bitcoin, long regarded as a safe haven and dubbed “digital gold,” is currently facing significant skepticism regarding its future viability. Veteran analysts like Ran Neuner are questioning the cryptocurrency’s role, suggesting that its foundational narrative may be coming undone as the crypto ecosystem prepares to evolve into a new era.
Despite escalating global economic uncertainties and a weakening US Dollar, Bitcoin has notably underperformed as a hedge against fiat currency debasement. The US Dollar Index (DXY) experienced a decline of approximately 9% in 2025, followed by an additional 2% drop in 2026. In stark contrast, Bitcoin has seen a downturn of 20–22% year-to-date, trading at $68,255 at the time of this report. Gold, however, remains resilient, outperforming expectations during risk-off scenarios.
Neuner voiced his disappointment, stating that the current economic conditions—characterized by tariffs, currency tensions, and fiscal instability—were precisely when Bitcoin was anticipated to act as a reliable store of value. Instead, investors turned to gold for safety, further questioning Bitcoin’s position in the market.
Additional analysts, including Willy Woo and Henrik Zeberg, echo this sentiment. They assert that Bitcoin is acting more like a high-beta risk-on asset rather than a true safe haven. Woo suggests that Bitcoin is still perceived as an emerging asset, and its foundational properties may take 15-20 years to more closely align with those of gold.
Moreover, the ideological appeal of Bitcoin appears to be waning. Participation from retail investors has diminished, reaching multi-year lows, while many of its early advocates have exited the market. Neuner remarked on the abrupt transition that followed Bitcoin’s integration into traditional financial systems. With 11 spot Bitcoin ETFs now approved and corporate treasuries holding sizable amounts of Bitcoin, the asset has firmly entered the financial mainstream. Neuner questioned the future narrative of Bitcoin, stating, “If it’s not used as cash, and it didn’t meaningfully absorb the stress bid, then what exactly is the narrative?”
Institutional access to Bitcoin has been achieved, but analysts caution that this shift exposes companies holding BTC to potential value erosion if market conditions continue to decline. Michael Burry noted that Bitcoin has fallen short as a safe haven and behaves more like a volatile stock that correlates with the S&P 500.
Looking ahead, Neuner highlights a shift away from Bitcoin’s store-of-value thesis toward innovations in finance powered by artificial intelligence. He envisions an economy driven by trillions of autonomous microtransactions requiring immediate, programmable settlement systems, which blockchain technologies are uniquely equipped to provide. He stated, “AI agents won’t use banks. They won’t use credit cards. They’ll need instant, programmable settlement rails. That’s crypto.”
As Bitcoin grapples with its identity, the broader landscape of cryptocurrencies and blockchain solutions may very well lay the groundwork for a new digital economy. Even if Bitcoin were to lose its relevance, alternative decentralized networks, altcoins, and blockchain-based innovations could very well emerge as the true backbone of utility and revenue models in this AI-dominated era. Neuner’s analysis marks a crucial juncture for the crypto industry, suggesting that while Bitcoin might falter, the potential for the ecosystem extends far beyond any single digital asset.
