Bitcoin’s long-held narrative as a safe haven and digital gold is under scrutiny, as veteran analyst Ran Neuner, among others, questions the pioneer crypto’s future.
Experts outline why Bitcoin may no longer serve the role it once claimed, and why the broader crypto ecosystem could be on the brink of a new era.
Bitcoin’s Store-of-Value Thesis Faces Crisis as Crypto Evolves
Despite a weakening US Dollar and mounting global uncertainty, Bitcoin underperformed expectations as a hedge against fiat debasement.
The US Dollar Index (DXY) fell roughly 9% in 2025, and another 2% year-to-date in 2026, yet Bitcoin declined 20–22% YTD, trading for $68,255 as of this writing. Gold, by contrast, surged, proving resilient in risk-off scenarios.
“When tariffs, currency tension, and fiscal instability hit, this was the moment Bitcoin was supposed to behave like a store of value. Instead, capital ran to gold,” wrote analyst Ran Neuner.
Analysts, including Willy Woo and Henrik Zeberg, reinforce this view, highlighting that Bitcoin behaves as a high-beta, risk-on asset rather than a safe haven.
Bitcoin’s ideological allure appears to be fading. Retail participation has reached multi-year lows, and early evangelists have largely exited the market.
“We fought for ETF approval. We fought for institutional access. We wanted it inside the system. Now it is. There is nothing to fight for anymore…If it’s not used as cash, and it didn’t meaningfully absorb the stress bid, then what exactly is the narrative?” Neuner said, describing the post-ETF era as a turning point.
Institutional Access Achieved, But at a Cost
With 11 spot Bitcoin ETFs approved, corporate treasuries holding large allocations, and pro-crypto regulatory frameworks in place, Bitcoin has fully integrated into TradFi systems.
Michael Burry warned that this shift exposes companies holding BTC to significant value erosion if markets continue to correct:
“BTC has failed as a safe haven like gold and behaves more like a volatile stock tied to the S&P 500,” SwanDesk reported, citing Burry.
Crypto’s Next Phase: AI and Machine-Native Finance Amid Narrative Shift
Neuner sees the future not in Bitcoin’s store-of-value thesis, but in the emerging economy powered by AI agents.
Trillions of autonomous microtransactions will require instant, programmable settlement rails, a need that blockchain networks are uniquely positioned to serve.
“AI agents won’t use banks. They won’t use credit cards. They’ll need instant, programmable settlement rails. That’s crypto,” he said.
While Bitcoin struggles to retain its original purpose, broader crypto infrastructure could become the foundation for the next digital economy.
Analysts suggest that even if Bitcoin bled to death, decentralized networks, altcoins, and blockchain-based solutions may capture real utility and revenue models in the AI-driven era.
Neuner’s assessment highlights a critical turning point for crypto. Bitcoin may no longer be the ideological engine it once was, but the industry’s potential extends far beyond a single token.
The post Veteran Analyst Says Bitcoin’s Safe-Haven Dream Is Cracking — But Crypto’s Next Era May Just Be Beginning appeared first on BeInCrypto.
