Gold and copper rise while Bitcoin trails, driven by the ‘fear and AI’ trend.

Gold and Copper Outperform Bitcoin as Investors Flock to Tangible Assets

Gold and copper have emerged as the top performers of 2025, while Bitcoin has lagged amid macro uncertainty and an AI-driven growth surge.

Gold has surged roughly 70% to a record above $4,450 per ounce, outpacing all major assets. Copper, a key industrial metal tied to AI and global infrastructure demand, has gained 35%, according to TradingView. By comparison, the S&P 500 and Nasdaq have risen 17% and 21%, the 10-year Treasury has fallen 9%, Bitcoin is down 6%, and the dollar index has dropped nearly 10%.

The divergence underscores a shift toward tangible assets. Gold has attracted buyers as a safe haven amid fiscal risks, geopolitical tensions, and fears of fiat debasement, while copper has benefited from AI-driven demand, electrification, and constrained supply.

Bitcoin’s underperformance reflects its reliance on speculative, non-sovereign investors rather than institutional or central bank support. Markus Thielen of 10x Research noted that Wall Street remains unconvinced by the “digital gold” narrative, limiting fresh capital inflows.

Despite lagging, Bitcoin’s consolidation may be building momentum for a future rally. Lewis Harland of Re7 Capital explained that Bitcoin historically responds strongly after periods of pause, especially during rising currency debasement and fiscal uncertainty.

The copper-to-gold ratio has dropped nearly 20%—its lowest in more than two decades—signaling a late-cycle economy. Investors are betting on both AI-driven growth (copper) and protection against systemic risks (gold), highlighting a clear flight to tangible assets over fiat or speculative holdings.