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Crypto influencer Ran Neuner said Bitcoin (CRYPTO: BTC) failed its defining test as a store of value, questioning the entire thesis for the first time in 12 years after capital fled to gold instead of BTC during recent market stress.

Neuner argued Bitcoin evolved from “peer-to-peer cash” into “digital gold” as the community fought for ETF approval and institutional access.

When tariffs, currency tension, and fiscal instability finally hit, this was supposed to be Bitcoin’s moment to prove its store of value thesis.

“Instead, capital ran to gold,” Neuner wrote on X. “Institutions had access. There were no…