Looking back on 2025, the sound money, or debasement trade, was decisively won by the metals over bitcoin. Gold delivered one of its best years on record, up 65%, while bitcoin so far is down 7%.
Until August, the two assets had similar returns, both up roughly 30%. From that point, gold surged while bitcoin rolled over sharply.
STORY CONTINUES BELOW
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This divergence reinforced that gold won the
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