Bitcoin vs Gold: What 2026 Holds for Investors

Описание: Welcome to Stateful, the Pantera Podcast. Mason Nystrom sits down with Mike Kremer (Tulip King, CounterpartyTV) and Brian Breslow (No Limit Holdings) to break down Bitcoin's 2025 underperformance vs gold and what's next for crypto.

2025 Reality Check: Bitcoin went negative while gold rallied 60%. De-dollarization happened—but nations chose gold over Bitcoin. Why? Bitcoin's $2T market cap wasn't ready to absorb central bank-scale flows. Gold's $20T was.

Key Topics:
Bitcoin's bottoms-up adoption: Nations will be last, not first
Crypto's "Amazon bottom" moment and finding winners
Tether flipping Ethereum at $500B valuation (and why it's bullish)
DEXs vs CEXs: Hyperliquid's path to taking down Binance
Equity perps: 20-30% of perp volume by year-end

Bold Take: Losing L1 monetary premium destroys $500B of "fake" market cap but creates $50B in real businesses.

0:20 Stateful Overview
01:05 Bitcoin vs. Gold: 2025 Store of Value
03:57 Why Bitcoin Wasn’t Ready for BRICS
06:05 2026 Outlook: Catch-Up Trade or Continued Divergence?
09:19 Is the Four-Year Bitcoin Cycle Dead?
13:30 Bag Check: Bitcoin, Zcash, and Uranium
14:43 Uranium Thesis: AI Power Gaps & 2026 Contract Rollovers
17:27 Finding the “Amazon Bottom” in Altcoins
19:35 Private Money Power Law
22:30 Bearish or Bullish: Altcoins Are Dead Until Token Equity Is Resolved
31:01 Bearish or Bullish: Quantum Threatens Bitcoin
37:23 @brezshares 2026 Trends and Predictions
41:24 @tulipking 2026 Trends and Predictions
44:03 A Fascist Economy in 2026?
48:14 Tether Flipping Ethereum
51:33 Resurgence of Hyperliquid & Equity Perps



The views expressed in the podcast are those of the individual personnel quoted and are not the views of Pantera Capital Partners LP or its affiliates (“Pantera”). The podcast is provided for informational purposes only to provide market commentary and for general educational purposes, and should not be relied upon as legal, business, investment, or tax advice. The podcast is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest. Please see additional important disclosures related to the content discussed in the podcast here.

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