The headlines are screaming: Bitcoin breaks $90,000! Safe haven! Future of finance! So hold up just one second though. Are we sure we want to declare Bitcoin as the new gold? I'm not so sure.

Volatility Isn't Exactly Comforting, Is It?

Okay, Bitcoin's recent surge is undeniably exciting. Larry Tentarelli argues that if it can get above $90,000, that area could serve as a springboard to further breakouts. Great. But please don’t lose sight of the rollercoaster that we’ve all experienced. Just think back to when Bitcoin was rolling downhill Trump’s inauguration. And it’s even still 20% below its all-time high. Safe havens should not provide whiplash inducing experiences.

Think about it this way: imagine you're trying to escape a burning building. Do you run for the obvious, well-signed, solid exit – perhaps a better metaphor would be one paved in gold? Or do you step out in faith on an unsafe and unstable fire escape that might collapse imminently? That fire escape might get you out quicker, but it does so at a tremendous additional peril. Bitcoin, today, is like that fire escape.

Consider the traditional safe havens: gold, U.S. Treasury bonds, the Swiss Franc. These assets consistently hold value and sometimes appreciate when fear grips the markets and during periods of economic stress. They offer stability. Bitcoin, on the other hand, offers potential. Potential for enormous upside, yes, but potential for heart-breaking downside.

Trump, Powell, and Crypto's Puppet Masters?

President Trump’s outrage over Fed Chair Jerome Powell’s independence is in part creating the current market volatility. In response, more Brazilians are looking to Bitcoin as a safe haven. Intercontinental Exchange’s Christopher McMahon even believes that Bitcoin could reach $130,000, assuming we elect a crypto-friendly administration. It’s the same as claiming a hurricane is beneficial because it’ll increase umbrella sales. While technically true, it's not exactly a ringing endorsement of the umbrella's safety.

Look, the fact that Bitcoin’s price is so easily swayed by such things as political grandstanding and central bank policy is, quite frankly, terrifying. A genuine safe haven would need to be largely insulated from the vagaries of political maneuvering and macroeconomic forces. Gold, for instance, has been a reliable store of value for thousands of years—no matter which party is occupying the White House. Is this really what we’re saying, that Bitcoin’s day-to-day future is now dependent on Trump’s tweets and Powell’s interest rate hikes? Anxiety is an understatement.

It seems like we are ceding control over our financial future. We’re putting faith in an unaccountable cabal of dudes in suits who don’t know the blockchain from a hole in the ground. This isn’t personal autonomy, it’s mere transaction-based dependency.

On-Chain Momentum, Or Just Hype Train?

21Shares is predicting Bitcoin could reach $138,555 by the end of 2025, driven by "macroeconomic uncertainty and on-chain momentum." "On-chain momentum"? Sounds impressive, right? Let's be real, it could just be a fancy way of saying "people are buying because other people are buying." That’s not growth; that’s a self-fulfilling prophecy, driven by speculation and hype.

Think about the tulip mania. Think about the dot-com bubble. History is full of examples of assets that flew too close to the sun, only to come tumbling back down to earth. And even there, those assets boasted all the “experts” and “on-chain momentum” in the world.

  • Gold: Proven track record, limited supply, tangible asset.
  • Bitcoin: Unproven track record, limited supply (in theory), intangible asset.

That Bitcoin is skyrocketing is hardly the strangest part. The most surprising piece is just how many people are just ignoring these very obvious risks and acting as if this is a sure-fire investment.

Bitcoin: A Diversifier, Not a Savior

Look, I'm not saying Bitcoin is worthless. It has potential as a diversifying asset. Let’s not get wrapped up in this safe haven crap. It remains just as extraordinarily wild west, at the mercy of powerful outside interests — and unfettered.

Rather than leaping into the latest trend without thinking about it, take the time to examine your options. Understand the risks. And please, for the love of God, don’t put all your digital eggs in one digital basket.

Here’s the thing – Bitcoin’s rise is so spectacular, that it’s making us forget to ask the most basic questions. The price isn’t the innovation — it’s the technology that shipped them! Let’s concentrate on creating that technology the right way—not lurching from one temporary advantage to another driven by political whims and market speculation. That’s how Bitcoin can become a real safe haven, rather than just a speculative play token.