Sharma's right that gold has become narrative-dependent, but he misses why: traditional monetary policy became so discretionary that gold's value proposition shifted from industrial/jewelry fundamentals to "protection against central bankers." Bitcoin addresses this directly—not by out-narrating gold, but by removing the need for narrative altogether. When your monetary policy is enforced by mathematics rather than expert judgment, your value proposition doesn't depend on fear cycles. In my years tracking macro cycles, I've noticed Bitcoin and gold move differently now because Bitcoin's supply schedule is predictable while gold's narrative can swing based on Fed statements or geopolitical shocks. They're not the same insurance policy anymore.
Sharma's right that gold has become narrative-dependent, but he misses why: traditional monetary policy became so discretionary that gold's value proposition shifted from industrial/jewelry fundamentals to "protection against central bankers." Bitcoin addresses this directly—not by out-narrating gold, but by removing the need for narrative altogether. When your monetary policy is enforced by mathematics rather than expert judgment, your value proposition doesn't depend on fear cycles. In my years tracking macro cycles, I've noticed Bitcoin and gold move differently now because Bitcoin's supply schedule is predictable while gold's narrative can swing based on Fed statements or geopolitical shocks. They're not the same insurance policy anymore.