Why Bitcoin Has Fallen Behind Gold & What Could Come Next - Unchained Recap
Podcast: Unchained
Published: 2026-01-17
Duration: 52 minutes
Guests: Vinny Lingham, Eric Fine
Summary
Bitcoin's struggle to compete with gold as a reserve asset is explored, highlighting the liquidity and adoption advantages of gold. Potential future scenarios, including Bitcoin's limitations and gold's rising prominence, are discussed.
What Happened
Vinny Lingham, co-founder of Xash, highlights the liquidity, trust, and central bank adoption that make gold a superior reserve asset compared to Bitcoin. He points out that Bitcoin's market cap is significantly smaller than many large companies, limiting its viability as a global reserve asset.
Lingham predicts that gold's price could reach $10,000 within two years due to its stability and widespread acceptance among central banks. He is investing in a new venture, Zash, which will issue a gold-backed stablecoin designed to provide rewards to holders if the price of gold increases.
Eric Fine from VanEck presents a provocative analysis suggesting that gold prices could soar to $39,000 or even $184,000 per ounce if the dollar loses its reserve currency status. He explores the fragility of developed markets and posits that some may be more leveraged than investors realize.
Fine discusses the potential impact of central banks losing the dollar as a reserve currency, which could drive gold prices to unprecedented levels. He notes that while developed markets have increased leverage, emerging markets have improved their fiscal and monetary policies since the 1997 Asia crisis.
The conversation also touches on the geopolitical shifts and the emergence of regional blocks, with some countries moving toward trading in their own currencies. Fine suggests that capital controls could become more common as a result of these changes.
Lingham suggests that Bitcoin's volatility makes it less appealing compared to gold's stability. He advises investors to diversify their portfolios with a mix of gold and Bitcoin, emphasizing gold's defensive role and Bitcoin's potential for growth.
Key Insights
- Gold's price could reach $10,000 within two years due to its stability and widespread acceptance among central banks, according to predictions. This potential increase is driving investment in gold-backed stablecoins that offer rewards if gold prices rise.
- If the dollar loses its reserve currency status, gold prices could soar to $39,000 or even $184,000 per ounce. This scenario is linked to the fragility of developed markets and the increased leverage they may have compared to emerging markets.
- Geopolitical shifts are leading some countries to trade in their own currencies, potentially increasing the use of capital controls. These changes reflect a move towards regional trading blocks and away from reliance on the dollar.
- Bitcoin's market cap remains significantly smaller than many large companies, limiting its viability as a global reserve asset. Its volatility contrasts with gold's stability, suggesting a diversified portfolio might include both for defensive and growth potential.