Bitcoin Hits $123,000, Overtakes Gold as 2025’s Top Asset
According to analysis by Charlie Bilello, chief market strategist at Creative Planning, bitcoin and gold are the top two performing assets so far in 2025. Bilello notes, “We’ve never seen these two in the number one and number two spots for any calendar year.”
However, there is a downside to having two largely unproductive assets as the year’s best performers. When bitcoin and gold lead the pack, it often signals investor anxiety or crisis conditions rather than confidence in the broader economy.
In theory, productive capital allocation should be rewarded, but these trends risk discouraging investment in the real economy. This distortion stems from artificially altered costs of capital.
Since the passage of the “big beautiful bill” on July 3, bitcoin has rallied by roughly $15,000. According to The Kobeissi Letter, bitcoin has entered “crisis mode,” with U.S. interest rates remaining structurally high.
Meanwhile, the dollar index (DXY) has fallen 11% over the past six months. In that same timeframe, tariffs have been delayed, U.S.-China trade negotiations have oscillated, and tensions have escalated with U.S. military strikes involving Iran. Additionally, the world's largest economy recorded a historic $316 billion budget deficit in May.
Taken together, these factors highlight a financial landscape shaped by geopolitical uncertainty, fiscal strain, and investors gravitating toward perceived safe havens like bitcoin and gold.
Read more: As Bitcoin Rushes Past $122K, What's Next for Ether, XRP, Dogecoin?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
As AI controversies escalate, hedge funds buy tech stocks at the fastest pace in 15 months
Hedge funds have recorded net purchases of US TMT stocks on 10 out of the past 11 trading days, rebuilding tech long positions at the fastest pace in 15 months. However, an AI policy storm has struck at the "worst possible time"—calls by AI giants to slow down development have been rejected, and regulatory uncertainty has directly hit Asian tech stocks such as Softbank. As the tech sector's bullish run coincides with Super Central Bank Week, the sector now faces a severe test.
Apple Pre-sale Tracker: iPhone 18 Pro Series Shows Weak Overseas Demand Signals, Duo Review Positive but Hardware Lags Behind
According to a survey by Jefferies, after the launch of the iPhone 18 Pro, delivery wait times in the four major markets—the US, UK, Germany, and Japan—have shortened by 5 to 11 days compared to last year, with no wait time in the US. Given stable production capacity, this is a clear sign of weak demand. Although the China and Hong Kong markets have performed better against the trend, there are still suspicions of speculative stockpiling. The new foldable Duo has been praised for its software experience, but its $2,000 price tag comes with a 254-gram body and dual-camera setup, leaving its hardware lagging significantly behind Android competitors. Jefferies maintains an "underperform" rating, with a target price implying a 21% downside from the current level.
SUI holds $0.71 support as analysts cite key buy signal, eyes on possible recovery
UBS Health Benefit Survey: Elevance Health (ELV.US) Leads, U.S. Employers Prepare for Rising Medical Costs
In the annual survey by UBS for employee benefits management institutions, Elevance Health (ELV.US) emerged as the highest-rated US health insurance company.
Crypto prices
More
