Gold and silver have surged to record highs in recent months, while Bitcoin has been stuck trading sideways between $84,000 and $94,000 since mid-November. In a January 27 video on X, Anthony Pompliano argued that this divergence isn’t due to a single catalyst, but rather shifting demand drivers, market structure, and a new competition for attention and risk capital.
Pompliano laid out the contrast plainly: “Gold is up 80% in the last year. Silver is up 250%, copper is up 40%, and platinum is up nearly 200% over the last 12 months. At the exact same time, Bitcoin is down 16% over the last year.”
He explained that the metals are rising for different reasons. Gold is benefiting from central banks buying reserves and what he calls “a definitization of the global economy,” where money moves out of dollars and into gold rather than other fiat currencies. Silver, on the other hand, is being driven more by industrial demand—such as for defense equipment, AI hardware, and self-driving cars—as the world “builds things again” through re-industrialization.
Copper and platinum, in his view, are even clearer industrial plays. Copper is riding the wave of electrification (EVs, grid expansion, renewables), while platinum’s rise is fueled by tight supply. Pompliano also noted a rotation within metals, starting with gold, then silver, and more recently copper and platinum—a sequence he calls “the metals mania.”
So why hasn’t Bitcoin joined the rally? Pompliano pointed first to structural changes: Wall Street’s adoption is shifting who holds Bitcoin and how it trades. He described an “IPO moment” where long-term holders are selling to institutional players. Some early supporters, he noted, were drawn to Bitcoin precisely because it was “outside the system,” and its move into mainstream finance may have cooled their enthusiasm.
The second shift is the growth of financial instruments tied to Bitcoin. “It used to be really hard to short Bitcoin. Now you can do it very simply,” Pompliano said, adding that options and shorting have reduced volatility. “Bitcoin used to be an 80 vol asset. Now it’s more like a 40 vol asset,” he explained, meaning fewer extreme price swings in either direction.
Finally, Pompliano touched on narrative demand. Bitcoin had been seen as a “chaos hedge,” but recent perceptions of greater geopolitical stability have weakened that appeal. Meanwhile, central banks continue to favor gold for hedging. He made a similar point about inflation hedging, noting that disinflationary trends—such as AI and tariffs—have reduced the urgency for Bitcoin as an inflation hedge.He argued that if inflation remains high, some investment capital simply won’t flow into Bitcoin. Additionally, he believes Bitcoin is losing attention and speculative interest to AI and a wider range of “risk-taking” options. “There is simply more competition,” said Pompliano, explaining that in today’s attention economy, every asset competes for a user’s focus when they open a financial app and decide where to put spare cash. From this perspective, Bitcoin is no longer the automatic high-reward bet for younger investors; it’s now up against AI stocks, prediction markets, and sports betting.
Pompliano concluded by noting that lagging assets can recover and that he finds Bitcoin “more interesting at $87,000 than it was at $126,000.” However, he also warned that a Bitcoin with lower volatility and more institutional involvement might require a different mindset from holders. “If you actually get impatient, you’re going to be disappointed. You’re going to get shaken out,” he said, suggesting the investment is becoming more of a waiting game than a yearly sprint.
At the time of reporting, BTC was trading at $88,131.
Frequently Asked Questions
Of course Here is a list of FAQs based on the topic Why is Bitcoin falling behind gold and silver Anthony Pompliano explains designed to reflect natural questions from a range of viewers
Beginner Conceptual Questions
1 Whats the main point Anthony Pompliano is making here
Hes arguing that Bitcoin isnt actually falling behind He believes comparing shortterm price performance is misleading and that Bitcoins longterm potential and fundamental properties make it a superior store of value
2 Why are people even comparing Bitcoin to gold and silver
Because all three are considered by many investors as hard money or stores of valueassets that can preserve wealth over time unlike governmentissued currencies that can be printed infinitely
3 So is Bitcoin like digital gold
Yes thats a common analogy Like gold Bitcoin is scarce durable portable and difficult to produce Pompliano argues Bitcoin is actually better than gold because its more portable verifiable and divisible
Performance Market Questions
4 If Bitcoin is so great why is its price sometimes stagnant while gold goes up
Shortterm price movements are influenced by many factors interest rates regulatory news market sentiment and traditional investors rotating into safe havens like gold during uncertainty Bitcoin is still a younger more volatile asset class
5 Doesnt golds steady performance prove its a better safehaven asset
Not necessarily Pompliano would say that gold has a 5000year head start Its stability comes from deep longestablished markets Bitcoins volatility is a feature of its growth phase not a permanent flaw He focuses on multiyear returns where Bitcoin has dramatically outperformed
6 What specific factors are holding Bitcoin back right now according to this view
Mainly traditional macroeconomic policies and regulatory uncertainty that keeps large traditional institutions from fully embracing it
Advanced Philosophical Questions
7 Pompliano talks about monetary properties What does that mean
Hes comparing the core traits of an ideal money scarcity durability portability divisibility recognizability and fungibility He breaks down how Bitcoin beats gold in