Bitaigen Research 
Macroeconomist Lynn Alden said that gold gave her a feeling of “some degree of delight,” while Bitcoin is often treated “unfairly negatively.”
After gold’s recent strong rebound, Alden believes Bitcoin’s price performance over the next two to three years is likely to exceed that of gold.
“If I had to bet on Bitcoin versus gold for the next two or three years, I would bet on Bitcoin,” she said on the New Era Finance podcast.
“Honestly, if I had to pick which one is better, I’d pick Bitcoin.”
“Usually the two move like a pendulum. If gold rallies sharply, the notion of diminishing returns each cycle tends to be erased in the next cycle.”
Several senior crypto‑industry executives, including Coinbase CEO Brian Armstrong, have forecast that as U.S. regulation becomes clearer, Bitcoin could reach the $1 million level by 2030. Armstrong sees the United States becoming “a barometer for the rest of the G20 members.”
In this article we compile macro‑economist Lynn Alden’s latest views on Bitcoin and gold, explain why she leans toward Bitcoin for the next two‑to‑three years, and combine industry leaders’ perspectives to explore how regulation and market trends may affect digital assets. To understand the logic behind her judgment, keep reading.
Alden denies a bubble in gold
Bitcoin is frequently compared with gold as an inflation hedge and a tool against economic uncertainty; many investors label it “digital gold.”
Alden pointed out that after gold hit a historic high of roughly $5,608 in January, market sentiment showed a “slightly euphoric” tone.
“I wouldn’t call it a bubble, but there is definitely a bit of euphoria,” she said.
Lynn Alden was interviewed this week on the New Era Finance podcast. Source: New Era Finance podcast
The JM Gold Fear & Greed Index posted a score of 72 (out of 100) on Friday, indicating an optimistic mood among gold investors. At the same time, the Crypto Fear & Greed Index, which gauges sentiment for Bitcoin and the broader crypto market, was only 18, placing it in the “extreme fear” zone.
Alden believes that sentiment toward Bitcoin is “somewhat unfairly negative.” According to data from CoinMarketCap, Bitcoin is currently trading around $71,164, down roughly 44 % from its October peak of $126,000.
She stressed that she avoids over‑reliance on rigid narratives about the relationship between the two assets.
“I remain cautious about absolute statements. Gold and Bitcoin can rise together, and they can also fall together,” she explained.
Investors debate the narrative around Bitcoin
Although both assets are often portrayed as alternatives to fiat currency, their correlation is not constant; during periods of macro‑economic uncertainty they sometimes move in sync, other times they decouple.
Alden’s comments come as billionaire investor Ray Dalio warned that Bitcoin should not be regarded as a long‑term store of value or a safe‑haven asset because it lacks central‑bank backing and faces concerns about privacy and quantum‑resistance.
Dalio said on Tuesday: “Gold is not a speculative precious metal,” adding that gold is “the most mature form of money” and the second‑largest reserve asset held by central banks.
At the same time, CryptoQuant CEO Ji‑Yong Chu noted in October 2025 that the correlation between Bitcoin and gold is strengthening, as both are enhancing their reputations as hedges against macro‑economic uncertainty.
Note for global readers: All fiat values in this article are expressed in US dollars (USD). When transferring fiat to crypto exchanges, users in Europe typically use SEPA or SWIFT routes, while U.S. residents must use Binance.US rather than the global Binance platform.
Tax disclaimer: Cryptocurrency gains may be taxable under the laws of your local jurisdiction; please consult a tax professional for advice.
The above provides Lynn Alden’s full reasoning for why Bitcoin (BTC) could outperform gold in the coming “two to three years.” For more related insights, follow Bitaigen (比特根) and its other articles.
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