According to @Andre_Dragosch, Bitcoin (BTC) has underperformed gold in 2025 because gold is more sensitive to monetary policy and the US Dollar, while BTC is more sensitive to global growth expectations, which remain weak, source: @Andre_Dragosch. He adds that gold’s price already reflects strong monetary easing, whereas BTC has not yet priced an improvement in growth, source: @Andre_Dragosch. He argues that growth expectations typically follow monetary policy changes with a lag, implying gold’s rally should be followed by a significant BTC rally that traders can time against the policy-to-growth lag, source: @Andre_Dragosch.

According to André Dragosch, PhD, Bitcoin's recent price decline is largely influenced by global growth expectations, which have been adjusted downward due to increasing tariff uncertainties. This macroeconomic factor is significantly impacting Bitcoin's performance in the market.