{"id":72168,"date":"2026-02-12T17:31:35","date_gmt":"2026-02-12T17:31:35","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=72168"},"modified":"2026-02-12T17:31:35","modified_gmt":"2026-02-12T17:31:35","slug":"bitcoin-is-no-longer-digital-gold-deutsche-bank-strategist-says","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=72168","title":{"rendered":"Bitcoin Is \u2018No Longer Digital Gold,\u2019 Deutsche Bank Strategist Says"},"content":{"rendered":"
\n

A Deutsche Bank strategist argued that bitcoin has \u201cdecoupled\u201d from gold and no longer fits the \u201cdigital gold\u201d label, pointing to a sharp divergence in 2025 performance as regulation uncertainty and ETF outflows weigh on sentiment.<\/p>\n

In a Yahoo Finance interview, Deutsche Bank senior strategist Marion Laboure told Executive Editor Brian Sozzi and senior reporter Ines Ferr\u00e9 that bitcoin\u2019s volatility hasn\u2019t disappeared, it\u2019s simply showing up again, at an awkward moment for a market that spent much of last year selling a cleaner institutional adoption story.<\/p>\n

Is Bitcoin No Longer Digital Gold?<\/h2>\n

Laboure framed recent weakness as another reminder that \u201cvolatility is a feature of Bitcoin. It\u2019s not a bug,\u201d while flagging what she described as \u201ca lot of ETFs outflows<\/a>\u201d since October alongside a messy policy backdrop in Washington. She pointed to the Stablecoin \u201cGenius Act\u201d being signed last year, but said the Clarity Act<\/a> \u201cis still in Congress and provides an additional layer of uncertainty.\u201d<\/p>\n

She also cited a pullback in retail participation. \u201cIn our latest survey, we looked at the US crypto adoption,\u201d Laboure said. \u201cAnd in July, we had 17% of Americans who had invested in crypto. And the number was down to 12% in December.\u201d<\/p>\n

\n

Bitcoin is \u201cno longer digital gold,\u201d Deutsche Bank strategist Marion Laboure says. \u201cGold outperformed by 65% in 2025. Bitcoin declined by 6.5%.\u201d pic.twitter.com\/eBCYp4cxMt<\/a><\/p>\n

\u2014 Yahoo Finance (@YahooFinance) February 11, 2026<\/a><\/p>\n<\/blockquote>\n

Pressed on whether bitcoin still deserves the \u201cdigital gold\u201d tagline, Laboure leaned on returns. \u201cIf you think about that, if I look at the 2025 performance, it\u2019s not digital gold<\/a> or it\u2019s no longer digital gold,\u201d she said. \u201cGold outperformed by 65% in 2025. Bitcoin declined by 6.5%. So we are clearly seeing this divergence.\u201d<\/p>\n

Her broader framing was that bitcoin remains stuck between narratives. \u201cBitcoin, I would say it\u2019s not a means of payment. It\u2019s not a currency. It\u2019s unlikely to replace gold or fiat currencies,\u201d Laboure continued. \u201cAnd 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.\u201d<\/p>\n

Laboure also returned to what she called a \u201cTinkerbell effect,\u201d describing a dynamic where price rises on belief rather than fundamentals, until it doesn\u2019t. \u201cSo basically, it\u2019s when the price is based on wishful thinking, much more than fundamental factors,\u201d she said.<\/p>\n

Asked what could reignite upside momentum, Laboure pointed back to the last two years\u2019 catalysts and suggested the move still looks larger than those inputs alone explain. She noted bitcoin\u2019s run from roughly $35,000 in November 2023 through a period she called \u201cexceptional years,\u201d citing ETF approvals, the halving, and a \u201cvery positive stance\u201d from President Trump<\/a> after his election.<\/p>\n

\u201cBut all these factors alone probably didn\u2019t fully explain the move that we had from $35,000 in November 2023 to over $120,000 in October last year,\u201d she said, arguing that the market is still searching for a more durable anchor than narrative-driven flows.<\/p>\n

X Pushes Back<\/h2>\n

Laboure\u2019s \u201cdigital gold\u201d critique drew immediate rebuttals on X. Bloomberg ETF analyst Eric Balchunas called it \u201ca fine argument to make\u201d but added: \u201cTo hinge it on one year\u2019s returns is absurd. Does that mean it WAS digital gold in 2023 and 2024 when it was up 450%? But now it isn\u2019t because gold did better in 2025. Make it make sense.\u201d<\/p>\n

Others went more ad hominem. VP of Investor Relations at Nakamoto Steven Lubka dismissed the comments as coming from a \u201cCBDC shill,\u201d referencing an older citation where she said: \u201cWhen it comes to retail CBDCs, the question is not whether it will happen, but when.\u201d<\/p>\n

At press time, BTC traded at $68,007.<\/p>\n

\"Bitcoin<\/div>\n","protected":false},"excerpt":{"rendered":"

A Deutsche Bank strategist argued that bitcoin has \u201cdecoupled\u201d from gold and no longer fits the \u201cdigital gold\u201d label, pointing to a sharp divergence in 2025 performance as regulation uncertainty and ETF outflows weigh on sentiment. In a Yahoo Finance interview, Deutsche Bank senior strategist Marion Laboure told Executive Editor Brian Sozzi and senior reporter […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-72168","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/72168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=72168"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/72168\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=72168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=72168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=72168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}