Despite the buzz around bitcoin ETFs, gold remains the preferred asset for central banks and major investors.
Since the launch of spot bitcoin ETFs in early 2024, bitcoin has fallen about 12%, while gold has risen 58%, highlighting a gap in both performance and investor confidence.
Mark Connors, founder and chief macro strategist at Risk Dimensions and former global head of risk advisory at Credit Suisse, says the explanation is simple: bitcoin is still too young. “The buyers that matter — central banks, sovereign wealth funds, large asset allocators — they still prefer gold,” he told CoinDesk.
Gold’s advantage comes from centuries of trust, established infrastructure, and ready-made accounts at central banks. Bitcoin, by contrast, remains largely outside the traditional financial system. “Some of these institutions haven’t exactly called Unchained and said, ‘Can I get a wallet?’ They just aren’t there yet,” Connors said.
The gap is also visible among BRICS nations, which are increasing gold holdings and using it for oil settlement — a function bitcoin has yet to fulfill. Bitcoin is down over 30% from its July peak, while gold trades steadily above $4,100 per ounce.
Connors notes that while bitcoin’s appeal may grow as faith in fiat currencies erodes, it is not yet a replacement for gold. “Gold’s been around forever. Bitcoin is still growing up,” he said.
