ETF Analyst Eric Balchunas Calls Out Gold Maxis Amid Bitcoin ATH

Bitcoin (BTC) recently soared to a new all-time high (ATH), sparking a fresh wave of macro debate across social media. Gold purists and crypto advocates are once again locking horns.

The pioneer crypto’s role in mainstream finance continues to grow, threatening gold’s status as a safe-haven asset.

Bitcoin’s New All-Time High Has Gold Maxis Coping, Not Converting

The debate followed a snide remark from gold enthusiast Debra Robinson, who highlighted Bitcoin’s foray past the $118,000 threshold.

Imagine paying $118k for a set of man-made numbers

— Debra Robinson (@DebraG_Robins) July 11, 2025

While intended as a dig at Bitcoin’s perceived artificiality, the comment drew sharp rebuttals from some of crypto’s most respected macro thinkers, with investor Preston Pysh quickly firing back.

“Imagine paying for man-made numbers on GLD where you can’t even audit whether the numbers are real or not,” wrote the investor.

Macro strategist Lyn Alden offered a more tempered take, suggesting gold holders adopt a hybrid strategy.

“Precious metal enthusiasts could buy a Bitcoin position of like 5% of their metals position,” Alden wrote.

According to Alden, this would hedge against the risk of Bitcoin gradually taking market share. The macro strategist, who has long emphasized risk-balanced portfolios, also responded to a growing chorus of skeptics questioning the logic of diversifying into Bitcoin.

Meanwhile, other users argue that most gold holders already own Bitcoin, but not vice versa. Alden ascribes the strong pivot among Bitcoin holders to focus on BTC to its massive outperformance relative to gold.

“Given bitcoin’s massive outperformance vs gold, it’s harder to convince someone to dilute/diversify in that direction,” she added.

As the pioneer crypto continues to outpace traditional hedges like gold, the philosophical divide between “savers” and “speculators” seems to widen.

Peter Spina, a precious metal maximalist, says Bitcoin proponents promote casino-like risk over the conservative ethos of precious metals.

Stop trying to make gamblers out of savers.Also interesting that you never promote the alternative. Pushing casino gamblers to do the same with precious money.

— Peter Spina GoldSeek | SilverSeek (@goldseek) July 12, 2025

However, crypto observers see this resistance as part of a deeper emotional hurdle, with Bloomberg ETF (exchange-traded fund) analyst Eric Balchunas calling for a shift in mentality.

“Pride is a hell of a drug. You see it a lot on here—people just unable to take the L sometimes,” he chimed.

Balchunas’ comment resonated with many in the Bitcoin community who view continued gold maximalism as increasingly irrational in the face of market performance.

Bitcoin is up nearly 140% year-to-date, while gold is up just over 40%.

Bitcoin (BTC) vs Gold Price Performances. Source:

While some see room for both assets to coexist, online tone suggests the competition remains fierce. As the Bitcoin narrative matures, its price continues to climb into uncharted territory.