Crypto market commentator Ran Neuner has challenged Bitcoin's (BTC) core ‘digital gold' narrative, arguing that the asset failed its most important real-world test as a store of value when macro risk intensified and capital rotated toward physical gold instead. In remarks that have circulated widely among crypto traders and institutional allocators, Neuner revisited his blunt February assessment—“Bitcoin has failed”—and framed it as a credibility problem rather than an access problem.