Lyn Alden's view on Bitcoin's independent market: No need to follow gold and silver adjustments

At the end of last year, a noteworthy divergence of opinion emerged regarding the relationship between Bitcoin and gold, silver, which attracted attention. Senior economist Lyn Alden recently pointed out in a YouTube interview that the market’s understanding of the relationship among these three major assets may be biased, and she has a different perspective.

The Minority Viewpoint Breaking the “Competitive Relationship”

Many investors see Bitcoin, gold, and silver as competing assets, believing that when one rises, the others should fall. However, Lyn Alden explicitly stated in the interview that this understanding is actually inaccurate—“Many describe it as a competitive relationship, but I do not agree with this view.”

Glassnode chief analyst James Check also holds a similar stance. He commented on social media that this viewpoint might be considered “unexpected” by some holders, but those who oppose it “simply do not understand the actual operation logic of these assets.”

Market Divergence Over the Past Year Highlights the Issue

Lyn Alden’s core argument is very convincing. She pointed out that the relative strength changes between Bitcoin and gold actually reflect two completely different annual performances—Bitcoin has been in a clear “stagnation period” over the past year, with weak growth; while gold experienced its “most glorious year ever,” performing strongly.

Because of this significant performance difference, the change in the Bitcoin-to-gold ratio should not be interpreted as competition, but rather as a natural result of the independent trajectories of these two assets. In other words, Bitcoin does not need to wait for gold and silver to correct before continuing to strengthen, because they fundamentally operate on different cycles and logic.

Why This Perspective Is Worth Paying Attention To

The significance of this shift in perspective lies in challenging the “zero-sum game” investment mindset. Lyn Alden’s view suggests that investors should not simply link the rise and fall of precious metals with that of cryptocurrencies, but should analyze their respective fundamentals and market cycles separately. Regardless of whether gold adjusts, Bitcoin has its own upward potential and driving forces.