Bitcoin Lags Behind Gold as Trump’s Trade War Spurs Safe Haven Demand
- Gold hit a record high after the President’s Gaza comments
- Bitcoin conversely is currently 10% below its all-time high
This article is for subscribers only.
After outperforming most asset classes in 2024, Bitcoin now finds itself under pressure as Donald Trump’s White House return and heightened geopolitical instability spark a rush for safe haven investments.
Bitcoin has gained just over 3% year-to-date, trailing gold’s 9% jump, according to data compiled by Bloomberg. The precious metal reached a record high of $2,882 an ounce after President Trump on Feb. 4 said the US could take over Gaza — a comment his aides sought to tone down. Bitcoin is currently about 10% below its peak.