Canadian billionaire Frank Giustra has opined that Bitcoin and gold provide “very different functions,” which is why he believes that the two assets should not be compared.
In fact, Giustra is certain that Bitcoin has never actually traded like gold.
“What I am pointing out is that Bitcoin has never traded like gold….during market downturns or geopolitical instability, investors run to gold as a safe haven asset,” he said in a post on the X social media network.
The mining financier says that Bitcoin has consistently performed as a risk-on asset.
“More plot twists than ‘Gone Girl'”
Giustra, an avid gold proponent, has long been a Bitcoin critic. During his famous debate with Strategy co-founder Michael Saylor in 2021, Giustra stated that the price of Bitcoin can be manipulated. He also rejected the importance of Wall Street embracing the leading cryptocurrency. “They will jump on anything that is going to make them money,” he said.
In December, he accused Bitcoin maximalists of constantly changing their bullish narrative.
“The Bitcoin maxis have changed the narrative so many times, whenever each new narrative fails. Bitcoin has had more plot twists than ‘Gone Girl,'” he quipped.
As reported by U.Today, gold has been substantially outperforming Bitcoin since the start of the year amid global trade tensions. The largest cryptocurrency has lost its bullish momentum, together with U.S. stocks. Giustra has urged Bitcoin advocates to stop promoting the idea that Bitcoin is “the equivalent or better than gold.”
That said, some analysts believe that Bitcoin is ambidextrous in nature, meaning that it is capable of acting both as a safe haven asset and a risk asset.