Lyn Alden Sees Bitcoin Outperforming Gold Over Next Two to Three Years

WisdomTree’s digital asset research argues that Bitcoin is evolving from a highly volatile risk asset into a monetary asset capable of competing with gold. Both have scarce supplies, are politically neutral and can serve as stores of value, making their relative valuations increasingly relevant to macro asset allocation.

As of July 20, 2026, WisdomTree’s analysis indicated that Bitcoin was about 26% undervalued relative to gold, suggesting its status as a monetary asset was not yet fully reflected in its price. The report provided no specific transaction value or research publication date, focusing instead on the valuation gap between the two assets.

Bitcoin has characteristics of both a hard asset and a high-risk technology asset. Although growth in global M2 supports its long-term trajectory, speculative capital continues to shape the scale of its gains. Fidelity’s head of global macro, Jurrien Timmer, noted that Bitcoin surged alongside software stocks when the latter rose about 58% in 2017–2018 and 93% in 2020–2021. When software stocks fell about 58% in 2022, Bitcoin also declined sharply.

As of February 27, 2026, gold had gained 153% since the start of 2024, while Bitcoin had fallen 30% over the same period. Binance launched round-the-clock gold futures on January 5, with cumulative trading volume closing in on $35 billion, a daily peak of more than $4 billion and a weekly average of $4.7 billion. CryptoQuant said the total value of assets on the exchange had fallen from $140 billion in August 2025 to $102 billion, its lowest since April of that year, signaling an outflow of capital from the platform.