Unchained Bits + Bips: Why Gold Still Dominates — And What Bitcoin Must Prove
5 snips
Jan 24, 2026 Steve Sosnick, Chief Strategist at Interactive Brokers with decades of market experience. He contrasts gold’s safe-haven wins with bitcoin’s risk-asset behavior. He examines bond yields, geopolitics, ETFs and volatility. He explores what crypto must prove to earn credibility and how tokenized assets and stablecoins might capture safe-haven demand.
AI Snips
Chapters
Transcript
Episode notes
Bitcoin Behaves As A Risk Asset
- Bitcoin functions like a risk asset for many investors rather than a safe haven, especially since ETF adoption brought mainstream, non-native buyers into the market.
- Gold outperforms during acute stress because it has lower, more currency-like volatility and long-established safe-haven status.
Conference Moment Changed His Perspective
- Steve Sosnick described speaking at a crypto conference and finding the audience older and more like "stock market guys" than crypto natives.
- That encounter convinced him that many investors treat crypto like a normal retirement asset, not a native technology play.
Gold's Historical Edge And Liquidity Shift
- Gold's long history gives it lower volatility and a perception of stability that investors prefer in market stress.
- Because both gold and Bitcoin are now easy to trade, investors rotate into the better-performing hedge, currently gold.