Bitcoin has experienced a notable surge in the past two months, climbing from the $62,000 level in February to reach as high as $80,621 on May 12. Analysts point to renewed interest in inflation-resistant assets as a key driver behind this rally. According to CryptoAppsy data, Bitcoin traded at $80,621 in mid-May.
The role of assets like Bitcoin and market debates
The recent upswing has reignited debates about whether Bitcoin can act as a protective tool similar to gold in times of economic uncertainty. While many market participants still view Bitcoin as a risky investment, some believe it could serve as a long-term store of value. The inherent volatility of cryptocurrency markets keeps these discussions alive, with sharply opposing views from different investor groups.
Bitcoin miners accelerate selling amid surge
MARA Holdings, a leading player in Bitcoin mining, has provided clues on the sector’s evolving direction. In the first quarter of 2026, MARA reported selling 20,880 Bitcoin for approximately $1.5 billion in revenue. Of that amount, $1 billion was allocated to retire 30 percent of the company’s convertible debt, reducing total liabilities from $3.3 billion to $2.3 billion.
The company also used the gains from its Bitcoin sales to acquire the Long Ridge Energy & Power campus in Ohio for a total of $1.5 billion. With this purchase, MARA plans to invest in a 505-megawatt natural gas facility and set up an artificial intelligence data center. Company officials indicated that 90 percent of the capacity previously dedicated to mining will be redirected towards AI operations.
For us, Bitcoin is more than just a reserve asset on our balance sheet; it also provides strategic financial flexibility.
Publicly traded mining firms collectively sold over 32,000 BTC during the first quarter of the year, surpassing the total miner sales seen throughout all of 2025.
Expert and institutional perspectives diverge
JPMorgan analysts observed that Bitcoin exchange-traded funds (ETFs) saw inflows for a third consecutive month as of early May, whereas gold funds have yet to recover since March’s Iran-related geopolitical tensions. The bank’s analysts note a marked shift in investor interest from gold to Bitcoin in recent periods.
Prominent investor Ray Dalio, in a recent interview, stressed that historically, fiat currencies tend to lose value during times of economic crisis, while gold manages to retain its worth. Dalio argued that no fiat currency can serve as a safe haven in the long term.
Throughout history, all fiat currencies have lost value in similar periods, while gold appreciated. I do not believe any of them can be considered a reliable store of value.
JPMorgan analysts highlight that concerns over the risk of currency devaluation are steering investors toward limited-supply assets. In the background, the United States’ federal debt has swelled to $39 trillion, underscoring longer-term financial headwinds.
There is a marked divergence in how public and institutional investors treat Bitcoin. JPMorgan estimates that the company Strategy has added 145,834 BTC to its holdings since the start of the year, and at this pace could purchase nearly $30 billion worth of Bitcoin by 2026. The firm now holds 818,334 BTC valued at over $65 billion. Post-sale, MARA’s Bitcoin stash fell to 35,303 BTC, with no new acquisitions reported.
This situation reveals a significant split in how institutions approach Bitcoin. While some, like Strategy, view Bitcoin as a long-term accumulation asset, others such as MARA see it as a tool for financial transformation and diversification into new business lines.
Meanwhile, Goldman Sachs has raised its year-end target price for gold to $5,400 per ounce, noting reduced long-term volatility and increased demand from central banks as key trends supporting gold’s prospects.
