Bitcoin's status as a digital gold alternative is under scrutiny as capital flows to traditional gold during market volatility. Analyst Ran Neuner highlighted Bitcoin's failure to act as a safe haven during recent fiscal instability, noting that institutional access has not prevented a shift to gold. Neuner emphasized that Bitcoin's evolution from peer-to-peer cash to digital gold has not solidified its store-of-value claim, especially as retail participation declines. Willy Woo, another market analyst, pointed out a structural shift in Bitcoin's valuation against gold, breaking a 12-year trend. Woo attributed this to concerns over quantum computing risks and the potential re-entry of approximately 4 million lost Bitcoins into circulation. Despite companies and ETFs accumulating 2.8 million Bitcoins since 2020, Woo suggested that markets have already priced in these risks, which may persist until quantum threats are addressed.