Bitcoin Might Not Be As Good As Gold Yet, But This Year, It Sure Is Acting Like It
Bitcoin (BTC) might not be digital gold due to its risky nature. But as an investment over the last 12 months, it’s up 49% while the SPDR Gold Trust (GLD) ETF is up 43%. Nasdaq is up around 8%. Looked at in that time frame, BTC is as good as gold, for real.
“While bitcoin continues to function as an ultra risk-on asset, paradoxically, the digital gold narrative has continued to gather strength,” said Greg Waisman, Chief Operating Officer at Mercuryo, a fintech company headquartered in Canada.
“Bitcoin has displayed relative resilience against tariff concerns and a potential recession,” he said, noting that BTC has outperformed tech stocks all year. “That might make Bitcoin seen by some as displaying characteristics more akin to a store of value such as gold,” Waisman said.
The notion that Bitcoin was “as good as gold” began around 2021. Michael Novogratz, founding CEO of Galaxy Digital Holdings (BRPHF), a crypto investment firm that trades on the Toronto Stock Exchange, said at the time that “Bitcoin is a really convenient way to store value. The main reason everyone got into bitcoin is the same reason they got into gold—the current macro backdrop is tailor-made for it.”
Novogratz later called it “digital gold” during a …
About The Author
