Tensions In The Gold Market : Is Bitcoin The New Safe Haven ?

Investors have always viewed gold as a safe haven. But what happens when this safe haven wavers? In recent weeks, the gold market has been going through a troubled period, fueling growing distrust among traditional investors. At the heart of the tensions are abnormally long delivery times from the Bank of England and questions about the system’s actual capacity to honor its commitments. In the face of this uncertainty, an alternative stands out: Bitcoin, a cryptocurrency that escapes logistical constraints and manipulation risks. Jeff Park, an expert at Bitwise Asset Management, hasn’t minced his words and announces a possible massive migration of capital from gold to crypto. A paradigm shift is emerging, with consequences that could reshape global investment.

A Pressured Gold Market : The Bank of England in Trouble

The Bank of England, a central institution for the storage and delivery of physical gold, is at the center of a storm that endangers investor trust. Jeff Park has warned of unusual delays in gold deliveries, citing a risk of “logistical disaster or outright fraud”. While it previously took a few days to recover bars stored in British vaults, the timelines have stretched to four to eight weeks. A critical situation that prompts some observers to question the Bank of England’s actual ability to meet demand.

According to sources close to the matter, the current congestion is linked to a massive increase in transatlantic shipments and stockpiling in the United States. Indeed, the Comex in New York saw its gold reserves soar from 533 tons to 926 tons in just a few months. A phenomenon that complicates access to physical gold for those who wish to take possession immediately. People can no longer get their hands on their gold, as a large portion has been shipped to New York, while the rest is stuck in a queue. Concern is therefore growing among gold holders, who fear a scenario where their supposedly tangible asset transforms into a promise that is difficult to fulfill.

Bitcoin : A Credible Alternative or a Risky Bet ?

In this climate of uncertainty, Bitcoin appears as a refuge that relies on no central bank nor any physical infrastructure. Jeff Park highlights in a post on social media X (formerly Twitter) on February 12, 2025, the irony of the situation: “while gold is held hostage by logistical constraints, Bitcoin remains the most accessible and liquid asset in the world.” Unlike gold, cryptocurrency does not require physical storage or intermediaries, eliminating risks related to delays or potential stock manipulation.

To support his analysis, Park recalls several scandals that have already shaken the commodity market. He specifically cites the nickel scandal at the London Metal Exchange, where bags of stones were delivered instead of the precious metal, as well as the Trafigura affair, which resulted in the disappearance of 500 million dollars worth of fuel in Mongolia. These events illustrate the vulnerabilities of the physical market and reinforce, according to him, Bitcoin’s appeal as a fully verifiable and tamper-proof asset.

If this dynamic continues, a gradual shift of capital from gold to Bitcoin could accelerate. The first fractures in the precious metals market show that trust is no longer absolute, and the emergence of a digital alternative has never been more credible. It remains to be seen whether crypto can overcome the regulatory barriers that still hinder its institutional adoption. But one thing is certain: the idea of Bitcoin surpassing gold has never seemed so realistic.