Bitcoin down 21%, Gold up 79% – So why are investors still betting on BTC?

The debate over whether Bitcoin [BTC] or gold is the better safe-haven asset has taken a new turn in 2026.

Over the past year, gold has surged nearly 79% to trade above $5,200 per ounce, while Bitcoin has fallen about 21% and remains in a consolidation phase.

However, the deeper data tells a different story.

Bitcoin vs. Gold ETFs

On the 7th of March, Perception founder and former Blockstream executive Fernando Nikolić pointed out that institutional interest in Bitcoin continues to grow rapidly despite its recent price struggles.

He said, 

“Spot bitcoin ETFs matched 15 years of cumulative gold ETF inflows in under two years.”

This highlights how quickly institutional and investor interest in Bitcoin has grown compared to gold during its early ETF adoption phase.

It suggests that Bitcoin is being adopted by traditional finance at a much faster pace than gold was when ETFs first launched.

Source: Fernando Nikolić/X

Nikolić described the situation as “absolute cinema,” arguing that the institutional case for Bitcoin is now clear.

He pointed out that in just 20 months, Bitcoin ETFs have attracted as much investment as gold ETFs did over 15 years.

What makes this more surprising is that this happened while Bitcoin went through a sharp 46% drop, and many people believed the market cycle was already over.

According to him, continuing to debate whether Bitcoin is “digital gold” no longer makes sense, as he believes Bitcoin is outpacing gold and making the centuries-old asset look slow.

Schiff and Mena add more to the ongoing debate

However, long-time gold supporter Peter Schiff strongly disagreed with this view and said, 

“Yes, and despite those inflows Bitcoin is close to 50% below its highs as gold has more than doubled. Just image what will happen to Bitcoin when ETFs experience massive outflows. That’s coming soon.”

Adding more weight to the situation, Matt Mena, Crypto Research Strategist at 21Shares, in an email sent to AMBCrypto, noted, 

“Amid the escalating war in Iran, investors are increasingly viewing Bitcoin as an emerging “flight-to-safety” asset.”

He continued,

“Historically, gold has led this charge, and because gold has rallied so aggressively while Bitcoin lagged, many are now piling into BTC as a “catch-up” or “gold beta” trade – Bitcoin has historically lagged gold by 3-6 months (see 2016, 2018, or 2020).”

According to Mena, Bitcoin ETFs have shown strong stability, losing only about 5% of their total BTC holdings during the recent volatility.

Bitcoin overtakes gold in U.S. ownership

At the same time, the U.S. market is showing signs of change. Data cited by AMBCrypto suggests that while caution remains, buyer confidence is gradually returning.

Ownership trends highlight that more than 50 million Americans now own Bitcoin, compared to about 37 million who own gold.

Overall, the outlook for 2026 shows a clear contrast. Gold still holds a long-established reputation and larger market value, but Bitcoin has achieved widespread cultural and institutional adoption in just over a decade.

Final Summary

• Despite weaker price action, Bitcoin’s adoption curve continues to accelerate through ETFs, institutional allocations, and rising retail ownership.
• While skeptics continue to question Bitcoin’s long-term viability, institutional inflows suggest that the market narrative is still evolving.