Bitcoin’s “Digital Gold” Crown Slips, Deutsche Bank Strategist Declares

Bitcoin, the poster child of decentralized finance, is taking a beating in 2025, and a senior strategist at Deutsche Bank is ready to strip it of its long-cherished “digital gold” title. Marion Laboure, in a scathing critique, has called out Bitcoin’s dismal performance against gold, alongside a laundry list of market woes, sparking a firestorm of debate among crypto enthusiasts and skeptics alike. Is this the end of a narrative, or just another bump in Bitcoin’s wild ride?

• Performance Chasm: Gold skyrocketed by 65% in 2025, while Bitcoin tanked 6.5%.
• Market Turbulence: ETF outflows, shrinking U.S. retail interest, and regulatory gridlock are hammering sentiment.
• Identity Question: Laboure claims Bitcoin isn’t a currency or gold replacement, just a speculative asset groping for purpose.

Bitcoin’s Golden Past: How the Narrative Was Born

Since its inception in 2009 by the pseudonymous Satoshi Nakamoto, Bitcoin has been pitched as “digital gold”—a modern store of value akin to the precious metal, designed to hedge against inflation and economic chaos. Its finite supply of 21 million coins, hardcoded into its blockchain (a decentralized ledger recording all transactions immutably), mirrors gold’s scarcity, while its independence from central banks offers a middle finger to fiat currencies that can be printed into oblivion. During the 2017 bull run and again in 2021 amid post-COVID economic fears, Bitcoin’s price soared—hitting nearly $69,000 in November 2021—fuelling the narrative of a safe haven asset. For many, it became a symbol of financial freedom, a way to preserve wealth in a world of crumbling trust in traditional systems. But fast forward to 2025, and that shiny comparison is looking awfully tarnished, at least according to Laboure, as highlighted in a recent analysis questioning Bitcoin’s status as a gold equivalent by Deutsche Bank strategists.

2025 Showdown: Bitcoin Stumbles as Gold Shines

In a recent interview with Yahoo Finance, hosted by Executive Editor Brian Sozzi and senior reporter Ines Ferré, Laboure laid bare the stark contrast between Bitcoin and gold’s performance this year. Gold has surged an impressive 65%, while Bitcoin has slumped by 6.5%, a divergence that she argues obliterates the “digital gold” label.

“If you think about that, if I look at the 2025 performance, it’s not digital gold or it’s no longer digital gold. Gold outperformed by 65% in 2025. Bitcoin declined by 6.5%. So we are clearly seeing this divergence.”

This isn’t just about numbers on a chart. For newcomers, the “store of value” concept means an asset that holds or grows wealth over time, like locking money in a vault. Gold has historically played this role with relatively steady price movements. Bitcoin, on the other hand, is a different beast. Laboure drives this home by pointing to its notorious volatility, noting that wild price swings are baked into its DNA.

“Volatility is a feature of Bitcoin. It’s not a bug.”

She’s not wrong—Bitcoin’s price can jolt up or down double digits in hours, enough to give even thrill-seekers motion sickness. Currently trading at $68,007, it’s a steep fall from its peak of over $120,000 in October of the prior year, after climbing from $35,000 in November 2023. Such gyrations make it tough to pitch Bitcoin as a stable refuge, at least in the short term, compared to gold’s more predictable ascent.

But let’s pump the brakes on the doomsday talk. While 2025 has been a gut punch, Bitcoin has crushed gold in prior years, with a staggering 450% rally between 2023 and 2024 alone. Gold itself isn’t immune to slumps—its price has stagnated or dipped in past decades without anyone tossing out its “safe haven” crown. Volatility may be Bitcoin’s Achilles’ heel, but for a nascent asset class still carving its space in a skeptical world, isn’t some chaos just the price of entry?

Market Headwinds: ETFs Bleed, Retail Retreats, and Regulation Stalls

Laboure doesn’t stop at performance metrics. She points to a trifecta of troubles dragging Bitcoin down in 2025. First, Bitcoin exchange-traded funds (ETFs)—investment vehicles that track Bitcoin’s price and let investors gain exposure without owning the asset directly—have seen massive outflows since October. These funds, once heralded as a bridge for institutional cash into crypto, are now hemorrhaging money, signaling eroding confidence among big players. For the uninitiated, when capital flows out of ETFs, it’s often a red flag of broader bearish sentiment in markets.

Second, retail interest in the U.S., a key engine of Bitcoin’s past surges, is drying up. A Deutsche Bank survey reveals the percentage of Americans investing in crypto has dropped from 17% in July to a mere 12% in December. This could stem from the brutal price dip, or perhaps a growing fatigue with crypto’s endless hype cycles that often end in tears for latecomers.

Then there’s the regulatory mess. While the Stablecoin “Genius Act” was signed into law last year—offering some structure for stablecoins, which are cryptocurrencies pegged to assets like the U.S. dollar for price stability—the broader Crypto Clarity Act remains stuck in Congress. This piece of legislation aims to define whether Bitcoin and other cryptocurrencies are commodities or securities, a distinction that affects taxation, investor protections, and more. Without clarity, businesses hesitate to build, and investors stay on the sidelines, spooked by the threat of sudden crackdowns or retroactive rules. This limbo isn’t just annoying; it’s a chokehold on adoption and innovation.

Identity Crisis: Is Bitcoin Just a Speculative Toy?

Laboure doesn’t mince words when questioning Bitcoin’s core purpose. She argues it falls short as a practical tool in the financial world, dismissing its potential to rival gold or fiat currencies.

“Bitcoin, I would say it’s not a means of payment. It’s not a currency. It’s unlikely to replace gold or fiat currencies. And I think the way I see Bitcoin is we are in this transition, we are transitioning between a pure speculative asset to a more realistic use case.”

Translation: Bitcoin, in her view, has largely been a gamble, a shiny object for risk-takers rather than a grounded alternative to traditional money. She even introduces a “Tinkerbell effect” to describe its price dynamics—think of a fairy tale where belief alone keeps the magic alive.

“So basically, it’s when the price is based on wishful thinking, much more than fundamental factors.”

Harsh, but not entirely baseless. Bitcoin’s value often seems tethered to narratives, memes, and collective hype rather than concrete utility. Yet, isn’t belief a driver of any asset’s worth? Stock markets rally on confidence, and even gold’s allure partly stems from cultural faith in its value. Laboure’s jab stings, but it’s worth asking if she’s singling out Bitcoin for a sin all markets share.

She does tip her hat to past catalysts that fueled Bitcoin’s rise: spot ETF approvals, the 2024 halving (a mechanism that cuts the reward for miners adding new blocks to the blockchain, slowing the issuance of new coins and boosting scarcity), and political tailwinds like President Trump’s pro-Bitcoin stance post-election. But she insists these don’t fully explain the price spikes, nor do they secure a stable future. It’s a grim take, suggesting Bitcoin’s surges are more fluke than foundation.

Community Fires Back: Cherry-Picking or Valid Critique?

Predictably, the crypto crowd on platforms like X didn’t take Laboure’s analysis lying down. Bloomberg ETF analyst Eric Balchunas slammed her focus on a single year’s data as shortsighted.

“To hinge it on one year’s returns is absurd. Does that mean it WAS digital gold in 2023 and 2024 when it was up 450%? But now it isn’t because gold did better in 2025. Make it make sense.”

He’s got a point. Bitcoin’s history is a rollercoaster of booms and busts. Over a 10-year span, its compound annual growth rate often dwarfs gold’s returns, even factoring in rough patches. Judging it by 2025 alone feels like critiquing a marathon runner for a slow mile. Steven Lubka, VP of Investor Relations at Nakamoto, went harder, branding Laboure a “CBDC shill” and digging up her past comments on retail central bank digital currencies (CBDCs)—government-backed digital money seen by many in crypto as the antithesis of Bitcoin’s decentralized ethos.

“When it comes to retail CBDCs, the question is not whether it will happen, but when.”

Lubka’s attack suggests a deeper bias, implying Laboure’s critique might be colored by a preference for centralized control over Bitcoin’s rebellious freedom. Whether that’s fair or just mudslinging, it highlights the cultural clash between traditional finance skeptics and crypto advocates who see Bitcoin as a middle finger to the establishment.

From a Bitcoin maximalist lens—and yeah, we lean that way—Laboure’s missing the forest for the trees. No other asset matches Bitcoin’s unshakeable decentralization. It’s not just a number on a screen; it’s a system where no single entity can seize your funds or inflate your savings away. Even in a rough 2025, that’s a value proposition gold can’t touch. Sure, gold sits pretty in a vault, but it’s a dusty relic—clunky to store, impossible to send instantly across borders, and useless for digital economies. Bitcoin’s chaos is the cost of pioneering a financial revolution.

Beyond Bitcoin: Altcoins and Broader Blockchain Roles

While Bitcoin struggles to defend its crown, it’s worth noting the broader blockchain space isn’t standing still. Altcoins like Ethereum offer different strengths—think smart contracts, programmable agreements that power decentralized apps (dApps) from finance to gaming. Solana and others push for faster, cheaper transactions, filling niches Bitcoin doesn’t aim to serve. We’re not shilling here; Bitcoin remains king for pure decentralization and store-of-value potential. But the ecosystem’s diversity shows that decentralized tech as a whole isn’t hinging on one asset’s bad year. Laboure’s narrow focus on Bitcoin ignores how these innovations complement its dominance, driving the financial upheaval we champion.

Real-World Value: Bitcoin’s Hidden Strength

Laboure’s “no utility” claim also glosses over Bitcoin’s real-world impact. In hyperinflated economies like Venezuela or Zimbabwe, where local currencies collapse, Bitcoin has become a lifeline for remittances—sending money across borders without predatory fees or government interference. Its censorship resistance means no regime can freeze your wallet, a feature gold can’t replicate when soldiers confiscate your stash. Transaction costs and speed remain hurdles, especially during network congestion, but projects like the Lightning Network—a layer on top of Bitcoin for faster, cheaper payments—are chipping away at those flaws. Bitcoin isn’t perfect, but dismissing it as pure speculation ignores its role as a tool for freedom in broken systems.

Future Outlook: Can Bitcoin Forge a New Path?

So, where does Bitcoin go from here? Laboure’s critique forces us to confront uncomfortable gaps—volatility won’t vanish overnight, and day-to-day use as a currency is still clunky with high fees during peak times. Regulatory clarity, like a passed Crypto Clarity Act, could unshackle growth, letting businesses and investors commit without fear of legal whiplash. Renewed institutional interest, perhaps via ETF inflows if market sentiment flips, might spark another rally. Global adoption, especially in developing nations facing currency crises, could solidify Bitcoin as more than a speculative play.

From an effective accelerationism perspective, these short-term pains are growing pains. Bitcoin’s stumbles don’t negate its potential to dismantle centralized financial chokeholds. The tech and community behind it are iterating at breakneck speed—whether through scalability solutions or cultural shifts toward self-sovereignty. Maybe it’s not about reclaiming the “digital gold” label but redefining value itself in a borderless, trustless world. If gold is king, it’s an old monarch; Bitcoin’s messy youth hints at a throne of its own making.

Key Questions and Takeaways

• Is Bitcoin still “digital gold” after 2025’s performance?
  Laboure says no, citing gold’s 65% gain against Bitcoin’s 6.5% loss, but critics counter that one bad year doesn’t erase a decade of outperformance or the core scarcity narrative.
• What’s driving Bitcoin’s slump in 2025?
  Significant ETF outflows since October, U.S. retail participation dropping from 17% to 12%, and stalled legislation like the Crypto Clarity Act are major headwinds curbing momentum.
• Can Bitcoin replace gold or fiat currencies?
  Not in Laboure’s view—it’s a speculative asset lacking currency traits, and issues like volatility and transaction costs bolster her doubt, though its decentralization offers unique appeal.
• Is Bitcoin’s value more belief than fundamentals?
  Laboure’s “Tinkerbell effect” suggests hype over substance, but the community argues belief fuels all markets, and Bitcoin’s decentralized backbone is a real fundamental.
• What could spark Bitcoin’s recovery?
  Clearer regulations, renewed institutional interest, scalability fixes like the Lightning Network, or adoption in crisis-hit economies could turn the tide, though challenges persist.

Bitcoin’s 2025 rough patch, laid bare by Laboure’s brutal takedown, is a stark reminder that no asset, not even the flagship of decentralized finance, is immune to growing pains. Volatility, market retreats, and regulatory quagmires are real, and the “digital gold” label may indeed be wobbling. Yet, the pushback from the community underscores a truth often lost in bearish noise: Bitcoin’s heart beats with a promise of freedom and disruption no traditional asset can match. At $68,007, it’s bruised, not broken. Whether it reclaims its crown or carves a new legacy, one thing is clear—writing off Bitcoin is a fool’s bet in the unpredictable frontier of crypto. The revolution rolls on, stumbles and all.