Bitcoin and gold in a portfolio: conditioned complementarity, not a symmetric hedge

The debate over Bitcoin and gold in a portfolio is often framed as a choice between two assets competing for the same role. The accumulated evidence does not support the premise, but it does not authorize treating both assets as a stable substitute for traditional diversification either. The position defended in the analysis is narrower: the combination can be rational if it is built as a barbell of two different risk engines , with gold as the anchor and Bitcoin as a small convex satellite. The combination becomes a risky bet when the crypto sector confuses a long-standing narrative with a stable correlation and sizes Bitcoin as if the asset performed defensive functions.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Crypto Economy.