Is Bitcoin Still 'Digital Gold'? How Investors See It Now

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Mar 8, 2026

Marion Laboure, senior strategist and MD at Deutsche Bank who researches crypto and payments, explains why bitcoin no longer tracks gold. She describes bitcoin as an asset rather than a currency. She discusses stablecoins, regulatory debates over yields, and how institutions are sizing crypto allocations.

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INSIGHT

Bitcoin Has Diverged From Gold

Bitcoin no longer behaves like digital gold and has diverged from physical gold's performance.
Marion Laboure points to gold's 60%+ surge in 2025 driven by central-bank buying and geopolitical demand while Bitcoin fell over 6% in 2025.

INSIGHT

Bitcoin Fails Money Tests While Stablecoins Act Like Currency

Bitcoin is not functioning as a currency because it fails the three money roles: store of value, means of payment, and unit of account.
Laboure explains Bitcoin's volatility and low acceptance make paying for everyday items impractical compared with USD-pegged stablecoins.

INSIGHT

Institutions Treat Bitcoin As Speculative Asset

Institutional investors treat Bitcoin as a speculative asset, not a currency or safe haven.
Laboure says big buy-side managers often hold 2–5% in top cryptocurrencies, while others refuse entirely citing 'based on nothing.'

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In this week’s episode of WSJ’s Take On the Week, co-hosts Telis Demos and Miriam Gottfried discuss why a surge in oil prices following U.S. strikes on Iran is fueling fresh inflation fears, and how the potential for a supply shock at the Strait of Hormuz could tie the Federal Reserve’s hands on interest-rate cuts. Next, our hosts analyze why we see some investors rotating back into enterprise software stocks such as Oracle and Adobe, both of which will report earnings in the coming week.

After the break, Marion Laboure, senior strategist and managing director at Deutsche Bank, joins the show to explain why bitcoin and gold are no longer correlated. She breaks down the wishful thinking that drove crypto valuations, explains why she views bitcoin less as a currency and more as an asset, and discusses how investors are viewing digital assets like bitcoin and stablecoins as part of an investment portfolio. Plus, how a new section in the proposed Clarity Act has banks and crypto exchanges debating over stablecoin yields… or “rewards.

This is WSJ’s Take On the Week where co-hosts Telis Demos, Heard on the Street’s banking and money columnist, and Miriam Gottfried, WSJ’s investing and wealth management reporter, cut through the noise and dive into markets, the economy and finance—the big trades, key players and business news ahead.

Have an idea for a future guest or episode? How can we better help you take on the week? We’d love to hear from you. Email the show at takeontheweek@wsj.com.

To watch the video version of this episode, visit our WSJ Podcasts YouTube channel or the video page of WSJ.com