Gold's Decades-Long Bull Run Exposes Bitcoin's Defensive Weakness
Mike Wilson, Morgan Stanley's chief US equity strategist and CIO, recently highlighted gold's 25-year bull run. He noted that gold has been in a bull market for over two decades and continues to function as a portfolio shield.
This framing puts the digital gold narrative under scrutiny, particularly for crypto allocators. The idea is not just about gold going up in value but rather its ability to behave differently during times of market stress.
Gold has demonstrated its durability across multiple credit cycles, global financial crises, pandemics, and inflation scares. Its defensive character makes it an attractive investment option for those seeking portfolio protection.
Bitcoin, on the other hand, has struggled to decouple from risk assets during periods of high volatility. While it has proven itself as a liquid, global, and censorship-resistant asset, its behavior under stress remains uncertain.