Bitcoin has plummeted from its October 2025 peak of more than $126,000 to as low as $60,000 early in the morning of Feb. 6, 2026. After hitting that low, it rebounded to about $70,000 that afternoon. The peak-to-bottom drop represented a more than 50 percent collapse in just four months. Feb. 5, 2026, alone saw bitcoin drop more than 10 percent, its steepest single-day decline since the FTX collapse in November 2022.
In my Nov. 12, 2025, article for Morningstar, I reviewed economist Campbell Harvey’s analysis comparing gold and bitcoin as safe-haven assets. While Harvey found both could play roles in diversified portfolios, he concluded that “labeling bitcoin ‘digital gold’ is an oversimplification” and noted that bitcoin “is hardly a safe-haven asset.” The market has now delivered a brutal verdict confirming Harvey’s skepticism — and exposing two fundamental narratives the cryptocurrency industry has promoted as nothing more than myths manufactured to crea
