By 2025, gold has become the leading asset, delivering returns of over 50%, marking one of its strongest performances in over a decade. The precious metal has emerged as the big winner in what mainstream commentators have dubbed the “depreciation trade,” a viral term that reflects growing investor anxiety over global debt levels, excessive borrowing and the weakening U.S. dollar, which has suffered its worst year in many years. In October, gold’s rally reached record levels, coinciding with a peak exploding to nearly $4,400 per ounce, now stabilizing around the $4,000 per ounce level.
This feature is part of CoinDesk 2025 Most Influential List.
This environment has validated long-standing warnings about currency debasement, a concern often voiced by the Bitcoin community. Ironically, it is gold, not bitcoin, that has captured investors’ attention and capital this year. Gold has so far returned 8 times that of bitcoin in 2025. Peter Schiff, a staunch gold advocate and noted bitcoin critic, has been vindicated by the market’s performance, strengthening his position after years of skepticism about digital assets.
While Schiff continues to champion gold’s role as the ultimate store of value, the broader market narrative has shifted between traditional safe havens and digital alternatives.
