失去信任的资金买的是金银，不是比特币
2025 年美国关税、评级下调、史上最长停摆和美联储独立性受质疑，削弱了市场对美国政府的信任，黄金涨 65%、白银涨 148%。达摩达兰指出比特币全年反而跌了 6.4%（以欧元计跌 17.4%），而且和美股的相关性远高于和金银的相关性，吸引的是追求风险的人，而不是规避风险的人。他认为现在下定论还太早，但至少 2025 年，失去信任的资金去了金银，而不是比特币。
It remains too early in bitcoin's life to pass final judgment, but if the story for bitcoin is that it will draw in investors who have lost trust in governments and central banks, it is clear that gold and silver were the draws, at least in 2025, not bitcoin.