Alright, let's talk about Bitcoin and Gold from a fundamental and trading perspective First, any of us actively trading either of the assets is using leverage. People can come up with all their purest arguments but when you are predicting the price, all the idealistic narratives go out the window and all you care about is preserving capital and making large returns. When you are using leverage, it means that you care not just about the returns but ALSO the PATH to realize those returns. For example, if there is a smooth path to positive returns, I can use more leverage and amplify my returns. If the path is very volatile, it creates a higher hurdle for me to make an active decision to navigate the volatility. Second, when we look at gold and Bitcoin, the outright returns AND volatility adjusted returns are very important to me. In the chart below, Bitcoin is up 15% YTD and then gold is up 29% YTD. The bottom panel shows the relative performance on a volatility adjusted basis. In simple terms, if I use leverage, which asset offers a greater opportunity? We are currently in a period of time where gold is outperforming Bitcoin on a volatility-adjusted basis (bottom panel being positive). Gold is obviously outperforming on an outright return basis as well. The critical thing to note is WHY. Everyone will come up with a purest narrative about the underlying qualiy of Bitcoin when the price doesnt provide confirmation bais. Risk takers don't have the luxury of doing this. And besides, we are here to make money, not believe in something to feel better they'reabout ourselves. If you have a limited amount of time and capital, everything becomes a trade in life that you never get married to. If you want to make money in markets on any time horizon, to outperform the currency debasement that always has and always will be part of a system that grows, it is NEVER through holding a single asset but dynamically tracking the flows of capital and adjusting exposure accordingly. This applies for views on a 1 week, and 10 year time horizon. Your decision making process IS the asset in a world where change and uncertainty are constant. All of the educational primers and macro frameworks for Bitcoin and everything else can be found here (theyre all free):