Gold Crushes Bitcoin with 70-Point Outperformance
Over the past year, gold has outperformed its digital rival, BTC, by a staggering 70 percentage points. While BTC plummeted to $65,000 from its peak of $117,000 in the same time period, gold rallied 28% from $3,400 to $4,330.
This is not an isolated incident. Across the past three years, owning gold instead of BTC would have returned a couple fewer percentage points despite 36 months of patience. In fact, a dollar saved in gold a year ago is worth about $1.28 today, while a dollar saved in BTC is only worth about $0.55.
The performance of BTC over the past few years has certainly stalled its pitch as a global store of value. As Michael Burry wrote in February, '$BTC has been exposed as a purely speculative asset, and is not near the debasement trade hedge that gold and other precious metals are.'