Bitcoin’s safe-haven narrative is showing cracks. Dubbed “digital gold,” it has played the role of a safe-haven asset, but it has recently fallen short of expectations amid global uncertainty.

On Feb. 17, blockchain outlet BeinCrypto reported that analyst Ran Neuner questioned bitcoin’s future and said cryptocurrencies are at a new turning point.

Despite a weaker dollar, bitcoin has fallen more than 20 percent in 2026, and Goldman Sachs has assessed it as a “risk asset more volatile than gold.” Experts including Willy Woo and Henrik Zeberg also pointed out that bitcoin is still treated as a high-risk asset. Early bitcoin advocates secured ETF approval and drew institutional investment, but the narrative is fading as it fails to act as a safe-haven asset.

Companies holding bitcoin could instead face risk. Michael Burry said, “Bitcoin is like a volatile stock, not a safe-haven asset,” and warned of the possibility of a decline in corporate value. But the future of cryptocurrencies is not limited to bitcoin. Neuner forecast that cryptocurrencies combined with AI will build a new financial system. AI agents will use instant cryptocurrency payment systems rather than banks or credit cards, and that will be a task for blockchain to solve.

As bitcoin moves further away from the dream of digital gold, the cryptocurrency industry is likely to enter a new phase with AI. Bitcoin’s narrative is wavering, but the evolution of cryptocurrencies may only be beginning.