Bitcoin is often described as “digital gold.” Both are presented as inflation hedges with supply constraints beyond the control of any single government. But do they serve the same economic function?

In this episode, Duke finance professor Campbell Harvey argues that Bitcoin’s extreme volatility and structural risks undermine its claim to safe-haven status. He examines the deeper differences between Bitcoin and gold, including valuation uncertainty, network vulnerability, and the importance of tangible use and long-term credibility in establishing a store of value.

If speculation is not the enduring promise of crypto, what is? Harvey turns to the tokenization of real-world assets and the potential for blockchain technology to increase financial efficiency and support economic growth.

Explore Professor Harvey’s referenced paper here: Gold and Bitcoin

What does the nomination of a new Federal Reserve chair signal about the future direction of U.S. monetary policy?

Professor Harvey uses the announcement as a lens to examine a deeper question inside central banking. He explains how prediction markets anticipated the decision, then draws a clear distinction between crisis intervention and ongoing economic fine-tuning. While aggressive Fed action can be appropriate in moments of stress, Cam argues that prolonged zero interest rates and large-scale quantitative easing outside crisis periods have created serious unintended consequences.

The conversation breaks down those consequences in concrete terms, including higher government debt, the survival of unproductive firms, reduced labor mobility, distorted investment decisions, and slower long-term growth. It also raises a governance question: when monetary policy begins shaping outcomes traditionally decided by elected officials, where should the line be drawn?

Gold prices moved sharply in late January 2026, surging past $5,500 before dropping 11% in a day. The swing ranks among the largest single-day moves in decades.

In the latest episode of Through the Noise, Prof Campbell Harvey explains the trading dynamics behind the reversal, showing why the episode reflects a rapid correction following an extreme run-up rather than a change in underlying fundamentals.

The discussion traces how retail buying, institutional momentum strategies, leverage, and margin calls reinforced one another on the way up and again on the way down.

Cam also addresses claims linking the drop to Federal Reserve leadership news, explaining why that story misses the timing and scale of the move.

The analysis focuses on how trading dynamics, not new information, drove the reversal.