Financial analyst and portfolio manager Karel Merckx has declared the debate between Bitcoin and precious metals officially over, claiming that the “digital gold” narrative has shattered in the face of the economic realities of 2026.
In two scathing updates, Merckx argues that while the Federal Reserve’s monetary policy succeeded in pushing gold and silver to new all-time highs (ATH), Bitcoin failed to act as the hedge it was promised.
“Judgment” for defamation
According to Merckx, the market has made its choice. As central banks launch what he calls a “frontal attack on the Fed,” investors are fleeing to safe physical assets rather than digital assets.
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“The verdict is in: the trade that depreciates is gold and silver, not Bitcoin,” Merckx wrote. “A frontal attack on the FED sends the metal to fresh ATH while BTC remains 20% below its all-time high. The story is broken,” he said.
“Bitcoin confusion syndrome”?
However, critics support Merckx’s “broken narrative” argument, arguing that this is a classic symptom of “Bitcoin Derangement Syndrome” (BDS). The term is often used to describe financial experts who dismiss Bitcoin (BTC) early on and then stubbornly refuse to admit they were wrong.
In 2013, Merckx questioned whether a reasonable person would actually pay such a price for BTC. Now this old tweeter is coming back to attack him.
But Merckx explicitly rejects the idea that he is a “sideline” investor. He claims to have gone through 3 BTC cycles.
The analyst argues that Bitcoin is a liquidity sponge, and its price is directly correlated to the cost of money, particularly the US two-year Treasury yield.
“Bitcoin’s legendary returns were not magic. They were the product of a ‘once in a century’ financial system…Bitcoin had its most explosive gains when the US two-year bond yield was pegged below 1%…Cheap and abundant liquidity is the ultimate rocket fuel for speculative assets,” he said.
