Macroeconomist Lynn Alden said Bitcoin is likely to outperform gold through 2029, following gold’s recent strong rally.
“If I had to bet on Bitcoin and gold for the next two to three years, I would bet on Bitcoin,” Alden said on Wednesday’s New Era Finance podcast.
“Put a gun to my head and if I had to say which one I think is better, I would say Bitcoin,” she added.
“It’s usually a pendulum swing between the two. If gold goes up this much, the whole story of diminishing returns from cycle to cycle will also be erased in the next cycle.”
Many cryptocurrency industry executives, including Coinbase CEO Brian Armstrong, predict that Bitcoin (BTC) will reach $1 million by 2030 once clearer regulations begin to take shape in the United States, which Armstrong called “a bellwether for the rest of the G20.”
Alden denies gold is in a bubble
Bitcoin is often compared to gold as a hedge against inflation and economic uncertainty, with many investors calling it “digital gold.”
Mr Alden said he was feeling “a little euphoric” after the price of gold hit an all-time high of about $5,608 in January.
“I wouldn’t call it a bubble, but there’s a sense of euphoria,” she says.
Lynn Alden was interviewed this week on the podcast New Era Finance. sauce: New Era Finance Podcast
The JM Bullion Gold Fear and Greed Index, which tracks sentiment towards gold, posted a “greed” score of 72 out of 100 on Friday. On the same day, the Crypto Fear and Greed Index, which measures sentiment across Bitcoin and the broader crypto market, recorded an “extreme fear” score of 18 out of 100.
Alden said sentiment toward Bitcoin is “somewhat unfairly negative.” Bitcoin is trading at $71,164, down 44% from October’s all-time high of $126,000, according to CoinMarketCap.
Alden said he avoids relying too much on a rigid narrative about the relationship between the two assets.
“I try to be hesitant to read too much into how absolute these things are. Sometimes gold and Bitcoin go up together, and sometimes they go down together,” she explained.
Investors discuss the Bitcoin story
The two assets are often lumped together as fiat substitutes, but the relationship is not always consistent. During periods of macro uncertainty, prices can move together or apart.
Alden’s comments came shortly after billionaire investor Ray Dalio warned against Bitcoin as a long-term store of value and safe-haven asset, arguing that it is not backed by a central bank and that concerns about privacy limits and quantum resistance persist.
Related: Construction begins on quantum facility large enough to destroy Bitcoin
“Gold is not a precious metal to be speculated on,” Dalio said on Tuesday, adding that gold is the second-largest reserve asset held by central banks and “the most established money.”
Meanwhile, CryptoQuant CEO Ki Yong-joo said in October 2025 that the correlation between Bitcoin and gold is increasing as both assets gain a reputation as a hedge against macroeconomic uncertainty.
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