The recent underperformance of Bitcoin (CRYPTO: BTC) against gold prompted debate on social media, with some challenging the notion that Bitcoin simply "follows" gold's price movements.

What Happened: Pseudonymous technical analyst TXMCtrades addressed the misconception, stating, that Bitcoin shares some properties with gold, such as being an "outside asset with no counterparty."

Still, these similarities don't translate to identical market behavior, the analyst argued, as the key difference lies in the level of understanding and acceptance among investors.

Bitcoin and gold are "not meaningfully correlated," according to TXMCtrades.

"Bitcoin is more like a lost tech stock living in the crevice between passive cap-weighted flows into megacap equities and whatever crypto represents," they further outlined. This unique positioning reflects Bitcoin's hybrid nature as both a technological innovation and a potential store of value.

The analyst also pointed out that while Bitcoin maximalists may treat the cryptocurrency as "new gold," the majority of investors have yet to adopt this perspective. "No one can force them to," suggesting that widespread acceptance of Bitcoin as a gold-like asset may take time and significant market events.

Looking ahead, future financial crises could shift investor perceptions of Bitcoin and "we haven't experienced one big enough yet" to trigger such a fundamental change in how the broader market views cryptocurrency.

While Bitcoin may eventually carve out a similar role to gold in investors' portfolios, its current market behavior suggests it's still on a unique trajectory.

This is further evidenced by the fact that Bitcoin is yet to reach a new all-time when measured against gold.