By 2025, gold has emerged as the standout asset, delivering returns of more than 50%, marking one of its strongest performances in over a decade. The precious metal was the clear winner of what mainstream commentators called the “debasement trade,” a viral term that captured growing investor anxiety over global debt levels, excessive borrowing and the weakening U.S. dollar, which suffered its worst year in years. In October, gold’s rally reached record highs, coinciding with a blow-off peak of nearly $4,400 per ounce. ounce, which is now stabilizing around the $4,000-per-ounce level.
This feature is part of CoinDesk’s The list of most influential 2025.
This environment validated long-standing warnings of monetary breakdown, a concern often expressed by the bitcoin community. But ironically, it was gold, not bitcoin, that captured investors’ attention and capital this year. Gold has so far delivered 8 times better returns than bitcoin by 2025. Peter Schiff, the outspoken gold advocate and notorious bitcoin critic, has been vindicated by the market’s performance, cementing his position after years of skepticism towards digital assets.
While Schiff continues to champion gold’s role as the ultimate store of value, the broader market narrative has evolved between traditional safe havens and digital alternatives.
