Satoshi’s 2010 Post Revives Bitcoin’s Digital Gold Thesis Amid Market Debate

A 16-year-old forum post by Bitcoin creator Satoshi Nakamoto has resurfaced, reigniting debate over Bitcoin’s “digital gold” narrative. Alex Thorn, head of firmwide research at Galaxy Digital, recently issued a detailed rebuttal to critics who argue that Bitcoin has failed as a hedge against currency debasement. According to Thorn, the true digital gold thesis is rooted in Satoshi’s long-term vision—not short-term price movements or temporary market divergence from gold.

Since September 2025, Bitcoin has notably decoupled from gold prices, weakening investor sentiment around the debasement trade. Critics claim this divergence undermines Bitcoin’s status as an inflation hedge and store of value. Thorn acknowledges that Bitcoin’s failure to mirror gold’s performance has damaged its narrative among newer market participants. However, he argues that traders are confusing short-term volatility and beta-driven price action with Bitcoin’s core fundamentals.

Thorn highlights a seminal Bitcointalk post from Aug. 27, 2010, in which Satoshi proposed a thought experiment about a hypothetical base metal. This metal would be as scarce and durable as gold but lack any physical utility—no conductivity, strength, or ornamental appeal. Its only “magical” property would be the ability to be transmitted instantly over a communications channel. Satoshi suggested that this feature alone could give the asset monetary value, as people could use it to transfer wealth across long distances efficiently.

According to Thorn, this concept captures the essence of Bitcoin as digital gold. Bitcoin mirrors gold’s scarcity while adding global, borderless transferability. The investment thesis, he explains, lies in the gap between Bitcoin’s gold-like fundamentals and how the market currently prices it relative to gold. Investors who believe Bitcoin will eventually be valued like gold may view the current disconnect as a long-term opportunity, rather than a failure of the digital gold narrative.