The Pomp Podcast
Why Isn't Bitcoin Going Up While Gold & Silver Are Surging? | Anthony Pompliano
26 Jan 2026
Chapter 1: Why is Bitcoin not increasing while gold and silver prices surge?
What's up, everyone? This is Anthony Pompliano. Many of you know me as Pomp. You're listening to the Pomp Podcast, which is my effort to find the most interesting people in the world and sit with them for hours while I ask questions in an effort to learn.
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Chapter 2: How has Wall Street adoption changed Bitcoin's market structure?
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Anthony Pompliano runs Pomp Investments.
Chapter 3: In what ways is Bitcoin considered a hedge against chaos and inflation?
All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy but only as an expression of his personal opinion. This podcast is for informational purposes only.
All right, everyone.
Chapter 4: What role does AI play in capital competition today?
One of the things I've been thinking a lot about is why is Bitcoin not going up when all of the precious metals are going up?
Chapter 5: How do inflation expectations affect Bitcoin's appeal?
It seems like those two assets were very tied together. There was a lot of correlation between them. And the fact that Bitcoin is not going up has got me thinking a lot about what's going on with Bitcoin. What are the market forces? What are all of the macro factors that are playing into this? And so I spent the weekend taking a deep dive and trying to better understand this.
I thought I'd come on and try to explain to you exactly what I learned and what my current thoughts are. First, let's go take a look at the actual metals themselves. We have gold, which is up 80% in the last year, silver's up 250%, copper's up 40%, and platinum's up nearly 200% over the last 12 months. At the same exact time, Bitcoin is down 16% over the last year.
So not only are the metals up, they're up significantly, every single one of them. But Bitcoin is down, it's down double digits, and that obviously has people not feeling great. And so we've got to understand what is driving all of the price appreciation in the metals before we can think about Bitcoin. In terms of gold, I think that gold is a safe haven asset.
We know that central banks are buying more and more gold hand over fist for their reserves. It makes sense because not only are people dropping dollars and U.S. treasuries, but actually what we're seeing is a defiat. of the global economy. It means that people are saying, look, I'm not gonna sell dollars and I'm gonna go and buy yen or yuan or pesos or anything else.
Instead, what they're saying is I'm gonna sell dollars, I'm gonna buy gold. And so naturally, gold, it's not a completely finite asset, but it's a scarce asset. And so if you have a significant increase in demand for a scarce asset, then gold's gonna go up.
But the thing that's interesting is it's not just gold, silver, which I think a lot of people say, well, silver is kind of the little brother of gold, but silver's demand is not only coming from people who want some sort of store value. Obviously, yes, some people buy it because they think that it is a scarce asset as well and it will appreciate.
But I actually think that the bigger story for silver is the fact that it's an industrial metal. You need silver to do a lot of different things. If you start to look at what is going on with silver, well, you start to say how many different pieces of defense equipment or AI hardware, or maybe even things like self-driving cars.
There is significant demand for silver because the world is building things again. We are starting to produce stuff both in the United States and internationally. We're saying that we want to re-industrialize the world, and if we're gonna do that, we need to have the raw materials to be able to go ahead and conduct that work, and silver's a big winner there.
Now, some of the demand for silver's coming from the store value, and some of it is coming from the actual utility case, but I think that is a huge driver. And then obviously, if we go and we look at copper and we look at platinum, copper is really interesting because there's a lot of stuff there. You have all of the electric vehicles. You've got all of the electrical infrastructure.
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Chapter 6: What factors contribute to the rising demand for precious metals?
And so you have a market structure that is in favor of platinum holders. And then you've got that increasing demand. It's a lot about what used to be the driving story behind Bitcoin is that there was this finite supply, huge demand, and that led to a big price appreciation. And so when you're looking at gold, silver, copper, and platinum, these things are all being driven by different inputs.
There is demand that is increasing. You have low supply in some cases. In other cases, you just have so much demand that is overwhelming the current supply and that is driving the price higher. Now, what I find most interesting about this is there has been this rotation. Will Clemente pointed this out. I thought he was really on track with this idea that gold kind of ran first.
And then people started to push into silver and now copper and platinum. And so you've had this kind of rotation through the metals. I like to call it the metals mania because this thing is not stopping and doesn't seem like it's going to stop anytime soon. We're not going to stop building EVs. We're not going to stop putting in electrical infrastructure. We're not going to stop with renewables.
We are going to continue to build all this stuff. And so the industrial demand for silver, copper and platinum is going to continue. And that will likely lead to higher and higher prices over time. Now, that brings us to Bitcoin. Remember, the metals are all up and they're up substantially, 40% to 250% over the last year. Bitcoin is down 16% at the same time.
And so I think that there's a couple of pieces here that are worth paying attention to. First, you have the adoption by Wall Street. And I think that, you know, Jordy Visser has pointed out this IPO moment of Bitcoin. You You have people who had been holding Bitcoin for 10 plus years. They started to sell their Bitcoin or to hand it off to the Wall Street folks.
You know, a big reason why they might've held Bitcoin is because it was outside the system. It was antithetical to everything that Wall Street stood for. It had this aspect of being something that resisted the man or resisted the system. And so now that it's being brought into the system, those people may be not as excited. They may think that there's not as much upside to it.
Obviously, Peter Thiel and many others have publicly said that they think that Bitcoin's future prospects may not be as asymmetric as the past. I don't think that's a crazy idea. But the question is, how much will it continue to appreciate? Really, I think that a lot of those OGs, they're the ones who are saying, hey, look, I'm not as excited about the future as I was maybe 10 years ago.
And so that handoff to Wall Street, I think has been one big driver. The second thing about the Wall Street adoption is that there are all kinds of financial instruments that people now have access to. You know, it used to be really hard to short Bitcoin. Well, now you can do it very simply.
And so the fact that you're able to do everything from option selling to shorting, et cetera, I think that is having a different impact on the price. Doesn't mean it's all net negative, right? You can obviously use options to amplify your exposure to Bitcoin as well. But I do think that it has a change in the market structure.
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