Bernstein analyst Gautam Chugani chooses a side

Bernstein analyst Bitcoin is more attractive than gold. Gautam Chugani explains why in a research note today. Bitcoin is currently down about 10% from its YTD high.

Gold has a history of doing well in economic downturns – but this time Bitcoin is a better investment, according to Bernstein analyst.

Bitcoin has a history of outperforming gold.

Gautam Chugani continues to view the world's largest cryptocurrency as a ‘safe haven' as it has outperformed gold by five times since 2018.

At 1.8%, it is agreed that Bitcoin inflation is currently comparable to gold inflation, but skeptics miss every four years. [the former’s] Inflation has halved.

By May 2024, the total supply of Bitcoin will be halved. Historically, that event has resulted in significant price increases.

Last week, billionaire hedge fund manager Paul Tudor Jones also said that Bitcoin was a better investment than stocks in the current environment (read more).

Spot Bitcoin ETF opens up significant demand.

Gautam Chugani is confident that capital will flow more into Bitcoin as the threat of recession increases.

The Bernstein analyst calls cryptocurrency a better investment than gold because it's “in the early stages of institutional adoption.” He added that after the Securities & Exchange Commission approved the first US Spot Bitcoin ETF, high demand will open.

Bitcoin currently has a market value of not even 5.0% relative to gold.

BTC rose materially this morning following the regulator's approval of the iShares Spot Bitcoin ETF. But the news was later proven to be false and led to a sharp pullback that brought Bitcoin back to the $28,000 level.