Bitcoin Lags Behind Gold as Wall Street Doubts Continue, Says Expert

Last week was defined by simultaneous declines in US equities, Treasurys, and the dollar—an exceptionally rare trifecta that macro investor Jordi Visser described as the moment “the system officially broke”—Bitcoin’s price action has remained conspicuously muted. Bitcoin’s price has not responded with the same strength as gold, which rose over 4% within a matter of days. Visser attributes this to the deep-seated skepticism among institutional investors.

Visser, the president and CIO at Weiss Multi-Strategy Advisers, and an experienced Wall Street veteran with over 30 years of experience, took part in a detailed interview. interview Anthony Pompliano will unpack his “a” historic rupture in the global capital structure. Central to his thesis is that US government bonds—long considered the most risk-free asset in the world—are no longer behaving as such. “The top of the global capital structure, the safest asset in the world, is falling,” Visser said that the US Treasurys performance was below par even with sovereign debt from other countries.

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He noted that, month-to-date US bonds have fallen over 5%. Equities are also down more than 5% and the US Dollar Index is down by an equal amount. “The currency, bonds, and stocks all going down in a panic way—that doesn’t happen. The last time I saw that was in emerging markets,” Visser drew parallels with the financial crisis he witnessed first-hand in Brazil, during 1990s.

What Does This Mean for Bitcoin?

Bitcoin is affected by this complex environment in many ways. Visser says many crypto enthusiasts expected BTC to increase in value amid macro-instability. Wall Street Bitcoin is still viewed through the lens of an equity. “Wall Street doesn’t believe in Bitcoin,” He said it bluntly. “The problem is the view on Bitcoin is that it’s NASDAQ. So I don’t think it should be skyrocketing like gold yet. That happens when we get the printing press turned on again—which is going to have to happen.”

Visser argues that Bitcoin’s relative underperformance compared to gold doesn’t reflect the long-term theory, but is rather an indication of what people hold and how they can act. “Gold’s a different story. Sovereign wealth funds already own it. Central banks already own it. Hedge funds love to buy gold. Bitcoin? Not yet.” He emphasized that Bitcoin’s moment will likely come not amid the crisis itself, but in its aftermath, when monetary authorities begin resorting to aggressive stimulus—what he termed “debasement,” In the past, this has been the solution of choice.

Visser insisted that Bitcoin is doing what it should be, despite its price inertia. “Bitcoin is the digital asset of the digital economy.” His view is that the current turmoil represents the shift from a dollar-centric, unipolar world, to one which is fragmented and multipolar. “We’re entering a new world, and this new system is decentralized,” he stated. The transition will not be easy, both because of the geopolitical dispersion and AI advances. Visser forecasts an increase in volatility, and a decline in trust for legacy financial infrastructure. These factors could be long-term positives for Bitcoin.

The analysis of his study demonstrates that Bitcoin’s movement is closely tied to global cycles in liquidity, as a lot of debt around the globe is denominated by US dollars. In this way, falling dollars paradoxically increase liquidity worldwide, in particular for emerging markets. “Bitcoin will be four to eight weeks—four to 10 weeks—later,” He said that it was a laggard correlation to liquidity expansions. “You’ll look back eight weeks from now and say, ‘I can’t believe I didn’t see they were going to print to stop this thing.’ They do it every single time.”

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Yet, he remained clear-eyed regarding the structural headwinds that would be present in the near future. The two biggest constraints for institutional investors and especially hedge funds are investor redemptions, as well prime broker margin requirements. “Wall Street has an embedded side that prevents them from going through it,” Visser explained. “Retail just buys more on the dip. Wall Street can’t.”

Visser said that despite institutional hesitation, the conversation about trade, capital flow, and currency confidence has been permanently changed. “Does the US want to be the reserve currency anymore?” “What did he ask?” “From a government official perspective in trade, it’s no longer the reserve currency. The trade deficit has been put in by the administration.”

He warned that as trade declines, the US will be forced to export its fiscal deficits. In such a world—where nationalism replaces globalism and bilateral trust continues to erode—Visser believes decentralized systems will inevitably grow more relevant.

“I do think the agreement will end up being that decentralization will speed up from here because of AI and because of crypto,” He added. He cautioned, however, that mainstream acceptance is still governed by cycles of perception, institutional adoption, and policy.

Visser believes that Bitcoin, far from being a failing safe haven is an asset in the midst of emergence, waiting to reach its breakthrough moment. Until Wall Street stops viewing Bitcoin as a risk-on tech proxy—and until central banks inevitably revert to monetary stimulus—BTC will remain in the shadows of gold. He was unambiguous about where he thinks it will go. “We are getting closer to that day every single day,” He said that the role of Bitcoin in the global financial system will finally be realized.

As Visser sees it, the system may be broken—but that’s precisely how something new gets built.

BTC is currently trading for $84,689.

Featured Image from YouTube. Char from TradingView.com