Financial analyst Karel Mercx(Karel Mercx) claims that the notion of "digital gold" has been shattered. He points out that under the influence of Federal Reserve policies, gold and silver prices have hit all-time highs, while Bitcoin remains 20% below its peak. He believes that Bitcoin's past rallies were driven by ultra-low yields and abundant liquidity, calling it a "liquidity sponge" linked to the US 2-year Treasury yield, rather than a reliable hedge against currency devaluation.