3) BTC doesn’t obviously suppress precious metals - Differe…

3) BTC doesn’t obviously suppress precious metals
- Different buyer cohorts: Younger, tech-forward investors may never have bought metal at all. BTC may expand—rather than cannibalize—the aggregate anti-fiat bid.
- Empirics cut against the claim: Gold has made new highs in recent years while BTC boomed and crashed in cycles; central-bank gold buying has been strong. That isn’t what you’d expect if BTC were reliably siphoning the pressure off metals.
- Market size and structure differ. Gold’s market is vastly larger and deeper; a few hundred billion shifting into BTC doesn’t mechanically cap gold, whose drivers include real rates, FX, and central-bank policy.