In a recent report, Bernstein analysts have argued that favoring gold but not bitcoin is irrational, likening the preference to "hating on a faster horse."
The comments echo the sentiments of Galaxy Digital CEO Mike Novogratz, who asserted in 2022 that it's possible to be bullish on both assets as they offer protection against the debasement of fiat currencies.
Bitcoin's recent surge above the $30,000 mark has further fueled the conversation around the digital asset's potential as a store of value.
In early January, Bernstein analysts Gautam Chhugani and Manas Agrawal emphasized the resilience of Bitcoin, pointing out that the cryptocurrency has weathered two previous "winters" before the 2022 downturn.
In each instance, Bitcoin bounced back with exponential returns, suggesting that investing during times of crypto stress has a perfect track record.
The analysts' observations highlight the potential long-term value of the flagship cryptocurrency as a standalone asset.
The comparison between the lustrous metal and Bitcoin has long been a point of contention among investors, with many debating the merits of the traditional safe-haven asset against the digital currency.
The recent price surge in the leading cryptocurrency has sparked renewed interest in cryptocurrency. Some investors view it as a viable alternative to gold for preserving wealth in times of economic uncertainty.