As financial markets remain shaky, investors are moving their money into traditional safe havens — and it’s gold and the Swiss franc that are stealing the spotlight, not Bitcoin.
This week, the Swiss franc hit a high note, with the USD/CHF exchange rate dropping to 0.8100. That’s a 12% fall from last year’s peak — making the Swiss currency one of the best performers of 2025. Its strength lies in Switzerland’s long-standing neutrality, solid banking system, and investor trust during times of global uncertainty.
In contrast, the U.S. dollar has weakened, hitting levels not seen since 2018. Meanwhile, the Swiss National Bank (SNB) continues to invest heavily in U.S. markets, holding stakes in top American companies like Apple, Amazon, and Alphabet — plus a large share of U.S. Treasury bonds.
Gold has also made a powerful comeback. Its price has surged to a record $3,240 — that’s a 125% jump from pandemic lows and a 24% increase just this year. The shiny metal’s rally comes as U.S. stock markets like the S&P 500 and Nasdaq 100 face sharp declines.
While Bitcoin is usually seen as “digital gold” due to its capped supply of 21 million coins and growing institutional interest, it hasn’t held up as well lately. Bitcoin has fallen from its 2025 high of $109,300 to around $83,000. That’s a steep drop in the middle of rising geopolitical tensions and economic stress.
Gold and the Swiss franc have also outperformed U.S. bonds. Interest rates are climbing, with the 10-year yield at 4.5%, the 30-year at 4.85%, and the 2-year at 3.97% — putting even more pressure on the bond market.
On top of all this, recession fears are mounting. Prediction market Polymarket shows a 60% chance of a U.S. recession this year. Experts like BlackRock’s Larry Fink say we might already be in one, while Moody’s economist Mark Zandi also puts the odds at 60%, blaming rising tariffs between the U.S. and China.
Big banks — including Morgan Stanley, BNP Paribas, and UBS — are warning that U.S. GDP could decline this year, with unemployment possibly climbing to 5%.
So while Bitcoin still has long-term believers, it’s gold and the Swiss franc that investors are turning to right now as the storm clouds gather.
