Why bitcoin is often compared with gold, and why the comparison is disputed. Here are the arguments for and against.
Over time, the view of bitcoin changed. Instead of replacing cash and cards, bitcoin was increasingly seen as a store of value, something you own to preserve wealth over time.
That is where the term digital gold comes from. Like gold, bitcoin is scarce, and like gold, it is not issued by any central bank.
There can never be more than 21 million bitcoin. This fixed limit contrasts with ordinary currencies, where central banks can expand the money supply.
Supporters argue that bitcoin is in several ways better than gold. It can be moved across borders in minutes, split into very small units and checked by anyone on the blockchain.
The story gained weight when listed companies began buying bitcoin for their balance sheets. When the US approved exchange-traded bitcoin funds in 2024, pension funds and wealth managers got an easy way in.
Bitcoin fluctuates far more in value than gold. At times its price has moved with tech stocks and other risky investments rather than behaving like a safe haven.
Critics also point to its energy use and to the fact that bitcoin has no use outside the monetary system. Gold has a history going back thousands of years, including in central bank reserves.
Some supporters think the comparison with gold is too narrow. They see bitcoin as the foundation of a new financial system, not just a digital substitute for a metal.