Frank Giustra: Bitcoin and Gold Serve Different Roles, Shouldn’t Be Compared

Canadian billionaire and mining magnate Frank Giustra has reiterated his stance that Bitcoin and gold fulfill fundamentally different functions, asserting that comparisons between the two are misplaced. Sharing his views on X, Giustra emphasized that Bitcoin has never behaved like gold during market downturns or geopolitical turmoil—periods when investors traditionally seek refuge in gold as a safe haven asset.

“Bitcoin has never traded like gold,” Giustra stated. “During times of crisis, people run to gold, not Bitcoin.” He described Bitcoin as a risk-on asset that tends to perform well in bullish markets, contrasting sharply with gold’s consistent role as a hedge during uncertainty.

Giustra, a long-time gold advocate and outspoken Bitcoin skeptic, has repeatedly questioned the cryptocurrency's legitimacy. In a well-known 2021 debate with MicroStrategy co-founder Michael Saylor, he argued that Bitcoin’s price could be manipulated and dismissed the significance of Wall Street's interest, claiming, “They will jump on anything that is going to make them money.”

In a recent jab, Giustra compared Bitcoin’s shifting bullish narratives to the plot twists of Gone Girl, highlighting what he sees as inconsistency among Bitcoin maximalists. “The Bitcoin maxis have changed the narrative so many times,” he wrote, criticizing their evolving justifications for the cryptocurrency’s value proposition.

While Giustra urges Bitcoin advocates to stop claiming it’s equal to or better than gold, some analysts argue that Bitcoin’s unique nature allows it to serve as both a speculative asset and a potential safe haven. Nevertheless, gold has significantly outperformed Bitcoin in 2025 so far, benefiting from rising global trade tensions and investor caution, while Bitcoin and U.S. equities have lost momentum.