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Merkle sees continued fervour for gold
Bangkok Post
|February 02, 2026
Crypto now trades more like tech stocks
The outcome of US legislation is expected to drive the crypto market this year. REUTERS
(REUTERS)
Heightened geopolitical tensions are reshaping global capital flows, with gold remaining the preferred safe haven, while cryptocurrencies continue to trade like high-risk technology stocks rather than defensive assets, says digital asset fund manager Merkle Capital.
Recent flareups in the Middle East, particularly tensions involving the US and Iran, have pushed gold prices sharply higher, while digital assets have come under renewed selling pressure.
Despite longstanding narratives framing Bitcoin as “digital gold’, price behaviour suggests otherwise in the current environment, said Thanalop Preedamanoch, fund manager at Merkle Capital.
“When geopolitical risk rises, capital exits crypto markets alongside other risk assets, challenging the perception of crypto as a hedge during periods of uncertainty,” he noted.
This story is from the February 02, 2026 edition of Bangkok Post.
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