Gold is vastly outperforming Bitcoin this year, but you would not know this if you read Anthony Pompliano on the X social media network.
In fact, in his most recent social media post, the 37-year-old entrepreneur claims that gold has been a disastrous investment since 2020.
"It has lost 84% of its purchasing power compared to a finite sound money asset like Bitcoin. If you can't beat it, you have to buy it," he said.
"Arbitrary" timeframe
The comparison has attracted plenty of backlash from the investment community, with gold bugs ridiculing the choice of the timeframe.
"If you torture the data enough, it will reveal whatever you want to see," one commentator said.
Controversial financial analyst Peter Schiff has also joined the fray, arguing that gold has done "much better" than the S&P 500 or real estate since 2020. Schiff claims that the "arbitrary time period proves nothing about gold," while also adding that the data shared by Pompliano "certainly" doesn’t mean that anyone actually has to buy Bitcoin.
After this, Pompliano pushed back against the critics, arguing that Bitcoin has actually outperformed gold on any timeframe. He has also added that he is not necessarily a gold hater.
Gold crushing Bitcoin
Meanwhile, gold continues to crush Bitcoin this year. It is currently up 25% against its digital competitor, winning the “safe haven” race.
The lustrous metal is currently zeroing in on its best year since 1979, the year of the Iranian Revolution and sky-high oil prices.
The OG store of value has been propelled by geopolitical calamities, an extremely weak dollar, persistent inflation, and the Federal Reserve’s loosening monetary policy.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team