For 2025, gold and silver emerge as favored safe-haven assets over bitcoin.

In 2025, investors are turning to gold and silver over bitcoin (BTC $87,783.77) to hedge against potential declines in fiat currency.

Gold has surged nearly 70% since January, and silver has jumped roughly 150%, far outpacing bitcoin, which has fallen about 6% over the same period. Analysts attribute the rally to the “debasement trade,” a strategy that involves buying assets perceived as stores of value in anticipation of currency depreciation caused by loose monetary policy and rising fiscal deficits.

Bitcoin bulls had predicted strong year-end performance based on the same theme, but the cryptocurrency’s rally stalled above $126,000 in early October and has since retreated below $90,000.

Gold’s technical performance has been particularly notable. According to The Kobeissi Letter, it has remained above its 200-day simple moving average — a key long-term trend indicator — for around 550 consecutive trading days, the second-longest streak on record.

Despite gold’s lead, analysts remain confident bitcoin could catch up in 2026. “Gold has been leading BTC by roughly 26 weeks,” said Lewis Harland, portfolio manager at Re7 Capital. “The metal’s strength reflects expectations for further currency debasement and fiscal strain, which historically support both assets, with bitcoin showing higher volatility.”

Predictions markets echo this view: traders on Polymarket assign a 40% chance that bitcoin will be the best-performing asset in 2026, compared with 33% for gold and 25% for equities.