Bitcoin proponents often describe the cryptocurrency as "digital gold" and a hedge against currency debasement. In practice, its recent behavior has looked very different, more like a speculative risk asset.
Bitcoin finished 2025 down more than 6% and fell further early in 2026. Although the world's No. 1 cryptocurrency has rebounded as concerns around fiat currency debasement have intensified, it still looks more like a risk asset than a store of value.
