Canadian billionaire Frank Giustra has expressed his opinion on the differences between Bitcoin and gold, emphasizing that they should not be compared.
Different Functions of Bitcoin and Gold
Frank Giustra believes that Bitcoin and gold serve very different functions, which makes direct comparisons inappropriate. He asserts that Bitcoin has never traded like gold, particularly during market downturns or periods of geopolitical instability, when investors typically turn to gold as a safe haven asset.
Giustra's Criticism of Bitcoin
An avid gold proponent, Giustra has long been a Bitcoin critic. During a debate in 2021 with Strategy co-founder Michael Saylor, he claimed that the price of Bitcoin is susceptible to manipulation. In December, he accused Bitcoin maximalists of constantly shifting their bullish narratives and noted that Bitcoin has had 'more plot twists than the movie "Gone Girl".'
Reactions and Analysts' Opinions
According to reports, gold has significantly outperformed Bitcoin since the start of the year amid global trade tensions. However, some analysts believe that Bitcoin can act as both a safe haven asset and a risk asset simultaneously.
Giustra continues to urge Bitcoin supporters to stop promoting the concept that Bitcoin is 'equivalent to or better than gold,' stressing the importance of understanding the distinct roles of each asset.
