Lyn Alden exposes misconceptions in the crypto circle: Bitcoin's movement is independent of gold adjustments

There is a deeply ingrained cognitive bias in the financial markets—investors generally believe that Bitcoin’s rise is necessarily constrained by the movements of gold and silver. However, renowned macroeconomist Lyn Alden recently challenged this conventional view through a podcast. She explicitly stated that Bitcoin can continue to rise even as gold maintains an upward trend, and that the two are not traditionally in competition with each other.

Clash of Perspectives: Why Do Analysts Have Diverging Views?

Glassnode chief analyst James Check expressed on social media platform X that market participants holding opposing opinions “lack a true understanding of the essence of these assets.” He further characterized this view as a “niche” perspective, implying that mainstream market thinking is flawed. This statement sparked widespread discussion—what causes many participants to fail to understand the true relationship between Bitcoin and traditional assets?

Historical Data Reveals the Truth: Stagnation vs. Brilliance

When elaborating on his argument, Lyn Alden cited recent market performance data. She pointed out that the recent strong relative strength index (RSI) of Bitcoin compared to gold is primarily due to significant differences in their historical performance. Specifically, Bitcoin has been in a clear price stagnation phase over the past year, while gold has experienced its most dazzling year ever. This asymmetric market performance, paradoxically, opens space for Bitcoin’s subsequent rise.

Reassessing Asset Allocation Logic

From a macro investment perspective, viewing Bitcoin and gold as opposing assets is itself a strategic mistake. Although both assets have inflation-hedging and safe-haven properties, their driving factors, market sentiment, and cyclical patterns differ. Lyn Alden’s core point essentially reaffirms an investment principle: different assets exhibit different strengths across various cycles, and market participants should base their allocation decisions on fundamentals rather than simple correlations.

For this reason, Bitcoin’s continued rise does not need to rely on gold or silver adjustments as a prerequisite. This view offers important reference value for rethinking the role of digital assets in diversified investment portfolios.