Duke University’s Campbell Harvey compared the safe-haven properties of gold and bitcoin, finding that gold remains a more stable crisis hedge. Despite similarities, gold outperforms bitcoin during market stress. Gold’s traditional appeal as a risk-off asset trumps bitcoin’s volatility. Both assets offer diversification benefits, but gold’s legacy and clarity provide consistent protection for investors.

Harvey’s analysis revealed that both gold and bitcoin share traits like scarcity and lack of intrinsic cash flow. However, gold’s historical role as a safe-haven asset continues to outshine bitcoin’s performance during crises. Gold’s geographical constraints and traditional appeal as a risk-off asset make it a preferred choice for investors seeking stability. Bitcoin’s volatility and susceptibility to unique risks make it riskier during market stress.

Gold’s status as a traditional safe haven has been reaffirmed in 2025, attracting investors during times of stress. Bitcoin, despite its rapid ascent, falls short in providing stability compared to gold. While bitcoin can serve as a portfolio diversifier, it should not be viewed as a substitute for gold in times of crisis. Regular reassessment of portfolio allocations is crucial.

Read more at Morningstar: Gold vs. Bitcoin: Why the Safe-Haven Debate Is Shifting in 2025