Unchained Why Bitcoin Has Fallen Behind Gold & What Could Come Next
22 snips
Jan 17, 2026 
Vinny Lingham, a serial entrepreneur and co-founder of Xash, and Eric Fine, a portfolio manager at VanEck, dive into the intriguing dynamics between gold and Bitcoin. Vinny discusses gold's liquidity and central-bank adoption, arguing it remains superior as a reserve asset, while introducing his innovative gold-backed stablecoin, USDX. Eric reveals bold projections for gold prices if it were to back the money supply, emphasizing geopolitical factors and market fragility. Their conversation paints a complex picture of today's financial landscape.
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Gold's Enduring Reserve Status
- Gold remains the world's primary trusted reserve asset because of its liquidity, scarcity, and long historical use as money.
- Vinny Lingham argues gold's market size and central-bank access make it a safer reserve than Bitcoin today.
Bitcoin Too Small For Reserve Use
- Bitcoin lacks the scale and liquidity to function as a global reserve asset today.
- Lingham says Bitcoin's market cap is too small and too volatile for central banks to adopt it broadly.
Design Transparent, Rewarding Stablecoins
- Issue stablecoins backed by transparent, over-collateralized assets and provide clear public proof of reserves.
- Reward users with a share of upside while hedging downside using options or treasuries.