Market bull Ed Yardeni says gold is the new Bitcoin

Ed Yardeni, a prominent Wall Street market bull, said in an interview with CNBC that gold is the new Bitcoin. He argued that while BTC has been called digital gold, it is now fair to consider gold a physical version of BTC. Yardeni highlighted that gold has traditionally served as a hedge against geopolitical risk and has a much longer history than BTC. He noted that although both assets have posted high returns this year, gold has surged 60% while BTC has risen by only 20%. He predicted that gold could surpass $5,000 per ounce next year and exceed $10,000 within 10 years. Addressing BTC's recent sharp decline, Yardeni attributed the event to liquidity issues. He explained that exchanges triggered auto-deleveraging (ADL) for risk management, which led to the forced liquidation of even hedged positions. Additionally, he said market-making firms scaled back their activities, making it more difficult for the market to absorb sell orders.