By Trey Reik
A two month bitcoin rally has reignited the gold-versus-bitcoin debate. We view such either-or comparisons of gold and bitcoin as somewhat specious, because we see little commonality between the two assets. Gold continues to function as a reliable store of value and productive portfolio-diversifying asset. In contrast, bitcoin continues to augment its reputation as a highly erratic speculation. Bitcoin’s investment merits, at least to date, have proven distinctly different from gold’s portfolio utility.