Let’s start with a quote from the bible, posted by an atheist nonetheless:
Ship your grain across the sea;
after many days you may receive a return.
Invest in seven ventures, yes, in eight;
you do not know what disaster may come upon the land.
If clouds are full of water,
they pour rain on the earth.
Whether a tree falls to the south or to the north,
in the place where it falls, there it will lie.
Whoever watches the wind will not plant;
whoever looks at the clouds will not reap.
Sow your seed in the morning,
and at evening let your hands not be idle,
for you do not know which will succeed,
whether this or that,
or whether both will do equally well.
There Is No Single Answer
The arguments for Bitcoin or gold come down to one word: Protection.
Stock prices are high, but we all know they fluctuate. Currencies also fluctuate in value. Bad governments can destroy savings by simply printing money. Investors with money want one answer that solves the problem of money. Either Bitcoin or gold could provide the protection you want based upon your needs and beliefs.
There is no one answer. If someone comes upon your grave 5,000 years from now to find some gold bars and your Bitcoin wallet, they’ll probably take the gold. But you won’t notice. On the other hand, if the stock market or the dollar or both crash this fall, a lot of money is going to move into Bitcoin, and you can then turn it into whatever currency you want.
We’re left with the ultimate, boring answer. Diversification. If you want to protect your money from a downturn, keep it in many different places. Be defensive with Bitcoin or gold if you want, but spread the wealth among asset classes, with some in a variety of stocks, some in bonds, some overseas and some in real estate.
If you have bets across the board some are bound to win.
See also https://www.selfmanagedsupershow.com.au/true-diversification-with-bullion-and-crypto-currencies/