Bitcoin Catching Up to Gold? Not So Fast

I was surprised to see a recent statement by Fidelity’s top executive Jurrien Timmer claiming that Bitcoin is catching up with gold as a store of value. According to him, Bitcoin's risk-adjusted returns are now comparable to gold’s. And the returns themselves, he says, are getting close too.

But just look at the charts he’s using.

• If you had invested $5 back in 2018, allocating it 4:1 ($4 in gold, $1 in Bitcoin), the results would be:
  • Gold: $22.48
  • Bitcoin: $15.95

That’s some serious data manipulation. With visuals like that, you could actually start thinking gold can compete with Bitcoin in terms of returns.

It can’t. Just look at the XAUUSD chart. It’s all clearly trending down.

Some rabbit.io users do switch to tokenized gold (like PAXG) when BTC hits local peaks. That might make sense tactically. But long-term? Definitely not.