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Zhao recently noted that periods of global tension typically direct capital into traditional safe assets first, particularly precious metals. CZ also argues that investors often realize those assets are not as stable or efficient as expected over time, creating an opening for crypto.
Zhao also believes the current environment presents an opportunity to educate a broader audience about Bitcoin’s long-term role.
Santiment data suggests investors are prioritizing precious metals. Over the past year, silver has surged roughly 214%, gold is up about 77%, while Bitcoin is down approximately 16%.
The data also shows that rising geopolitical and macro uncertainty has clearly redirected retail attention toward tangible assets. Some view this divergence as a warning sign for crypto, while others see it as historically bullish.



 Over the last decade, leadership between gold and Bitcoin has rotated multiple times, with Bitcoin often outperforming after lagging phases. Moreover, institutional accumulation of crypto has continued since late November, despite weaker price action.
CryptoQuant analysis frames the current market as a range-bound consolidation following a high-level correction. Gold and silver have continued to rise due to safe-haven demand, expectations of lower real interest rates, and the ease with which institutional capital allocates to metals.
Conversely, Bitcoin is still considered a high-beta risk asset. In risk-off conditions, capital tends to favor gold and bonds first, leaving Bitcoin more exposed to short-term positioning.
Data show that Bitcoin demand has recently turned negative, while short-term holder SOPR spending has spent extended periods below 1, suggesting that selling pressure persists.
Still, several market participants expect rotation rather than rejection. Popular analyst Michaël Van de Poppe notes that Bitcoin often corrects alongside gold during initial panic phases, with rotation into BTC occurring once conditions stabilize.
Meanwhile, Eric Trump recently suggested that a gold-to-Bitcoin rotation is imminent, arguing that the ratio will ultimately shift in Bitcoin’s favor.
