As the global crypto markets continue to melt down, the old Gold vs Bitcoin debate is back. It is an evenly matched game till now with an almost equal number of believers and critics on each side.

Bitcoin is fast, much like the rabbit of the rabbit vs tortoise story. It is tech-savvy, easy to carry, easy to store, easy to distribute and a so-called hedge against inflation. But in the last four-and-a-half years, Bitcoin (BTC) is almost back at the price it was before.

BTC had touched a high of $20,089 on 17th December 2017. After passing through several rounds of pumps and dumps, even touching a high of around $69,000 last year, the most popular cryptocurrency came back crashing below the $20,000 level this month. As of yesterday, Bitcoin recorded a low of $19,848, according to CoinMarketCap data.

If you had purchased Bitcoin around four-and-a-half years back on 17th December 2017, you would be having almost the same amount of money you had back then, forget the so-called hedge against inflation.

Bitcoin price has appreciated year-on-year till 2021. But this year, the story of the most popular cryptocurrency has been disappointing. With an impending recession in the US and rising inflation-induced uncertainties, the future for Bitcoin looks shaky.

Bitcoin price on 23rd June in history

In contrast, Gold, which is dubbed by many Bitcoin fans as old, difficult to store, carry and distribute, has gained slowly over the years, with its price going up by around 75 per cent in India during the same time when Bitcoin went back to where it was in 2017. Prominent Bitcoin critic Peter Schiff captured this irony in a tweet recently: “In Dec. of 2017 #Bitcoin hit a high of just below $20K. Bitcoin has been dead “money” for the past 4 1/2 years, as its current price is about 2% lower than it was then. In contrast, the price of #gold has risen by over 40% during the identical time period.”

Bitcoin vs Gold: Who is the winner in this rabbit vs tortoise money race in 4.5 years?
© Provided by The Financial Express Gold price change is last 5 years. Source: Google

As of today, the price of 24-carat Gold is around Rs 52,500 per 10 gram in India. The price of the yellow metal in December 2017 was around Rs 30,000 per 10 gram. In terms of percentage, the price of gold has appreciated by around 75% since December 2017.

One doesn’t know how the fortunes of both these assets will change in future. But if current prices are concerned, Gold is clearly the winner, at least till now.

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)

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