Bitcoin may be getting ready to snatch gold’s crown. Blockstream CEO Adam Back says the world’s largest cryptocurrency could rival gold (CM:XAUUSD) as a hedge against inflation and geopolitical uncertainty over the next decade. And despite Bitcoin’s recent dip from all-time highs, Back believes its “scarcity and adoption curve” give it the edge.
Speaking at Paris Blockchain Week 2025, Back told Cointelegraph that monetary instability is accelerating global Bitcoin adoption. “Bitcoin has the advantage of being like gold — it’s a scarce asset but also undergoing an adoption curve,” he said. He also pointed out that inflation, in his view, is nowhere near the 2% rate policymakers love to project. “The inflation rate is probably 10% or 15% for the next decade, an investment return that is very hard to get with stocks or housing rentals.”
Experts Split on Bitcoin’s Inflation Hedge Status
Not everyone’s buying it. Ray Dalio, founder of Bridgewater Associates, thinks Bitcoin is still a speculative asset. “The reliability of crypto in terms of correlating with inflation? No, it doesn’t really. Not well,” Dalio said in a recent Investopedia interview. His go-to hedge is still gold, which he called the “third-largest reserve currency” behind the dollar and euro.
And JPMorgan (JPM) analysts say the recent flight to gold proves the point. In a note, the bank argued that “the sharp rise in gold prices highlights a stronger investor appetite for traditional safe havens,” noting Bitcoin’s high volatility and increasing correlation with stocks as a concern.
Bitcoin ETF Momentum and Policy Shifts Add Fuel
Still, momentum’s building. Back pointed to spot Bitcoin ETF approvals and a friendlier U.S. stance under President Trump as key catalysts. “The current U.S. administration is removing a lot of negative regulation,” he said, referring to the end of Operation Chokepoint 2.0.
MicroStrategy’s (MSTR) Michael Saylor agrees. He’s been doubling down for years, calling Bitcoin “the apex property of the human race.”
While institutional investors continue debating Bitcoin’s future, retail interest is growing. If Back is right, Bitcoin could soon play in gold’s league—not just as digital gold, but as a centerpiece in inflation-conscious portfolios.
At the time of writing, Bitcoin is sitting at $77,227.
