Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTBibhu PattnaikMon, August 10, 2026 at 6:04 PM GMT+2 2 min readRobin Brooks has a problem with the Bitcoin 'as store of value narrative', and he's using recent price action to make the case that the perception gap between Bitcoin and gold has never been more visible.The former IMF economist and prominent macro voice posted on X that Bitcoin "isn't part of the debasement trade," pointing to its consistent underperformance against precious metals since the debasement cycle kicked off.Gold has gained 10 percent in the past ten days alone. Bitcoin hasn't followed.Gold is doing what Bitcoin was supposed to doBrooks traced the debasement trade back to last year's Jackson Hole meeting, where Federal Reserve Chair Jerome Powell signaled the beginning of an easing cycle.Related: Bitcoin has never broken this line in 15 years, it is on it right nowMore recently, he pointed to dovish inflation commentary from Fed Governor Kevin Warsh at the July 29 FOMC meeting as adding further fuel to gold's run.The argument is straightforward. When central banks signal looser monetary policy, effectively debasing the currency, investors historically rotate into assets that hold value outside the traditional financial system.Gold has performed exactly that role. Bitcoin, despite years of being marketed as "digital gold," hasn't kept pace."The lesson is that Bitcoin is NOT a safe haven or store of value the way gold is," Brooks wrote. "That's a matter of perception, but it's validated by price action."A different view from inside crypto marketsNot everyone agrees with that framing. Bitwise's Jeff Park pushed back directly, arguing that Bitcoin actually rallies on both types of yield curve steepeners, bull and bear, capturing upside to both currency debasement and dollar dedollarization simultaneously.He pointed to five specific periods since 2020 where Bitcoin performed strongly under both macro conditions.Trending on TheStreet Roundtable:Cathie Wood trims Ethereum exposure on 11th anniversary