Bitcoin (CRYPTO: BTC) is “the hurdle rate” that has made gold as measured by the SPDR Gold Trust (NYSE:GLD) a “disastrous investment” since 2020, according to Anthony Pompliano.
Gold Loses 84% Against Bitcoin Since 2020
Pompliano cited data showing that gold has lost 84% of its purchasing power in Bitcoin terms since 2020.
Despite gold's record highs above $4,070 per ounce this month, one Bitcoin now buys roughly 16 times more gold than it did five years ago.
The math checks out: gold's price rose 2.6x since 2020, while Bitcoin gained about 16x -- translating to an 84% collapse in gold's relative performance.
"Bitcoin Is the Hurdle Rate," Says Saylor
Strategy Inc. (NASDAQ:MSTR) executive chairman Michael Saylor had voiced a sentiment earlier this month, calling Bitcoin "the new hurdle rate" for all financial assets.
In simple terms, Saylor argues that if an investment cannot outperform Bitcoin over time, it fails to justify holding.
The narrative underscores Bitcoin's evolution from speculative asset to performance benchmark for capital preservation.
BTC/XAU chart (Source: TradingView)
Bitcoin's Performance Outpaces Traditional Assets
Bitcoin's climb from $7,200 in 2020 to over $115,000 today is not just about price -- it is a complete reordering of capital benchmarks.
Traditional safe havens like gold may still hit new nominal highs, but they cannot compete with the compounding velocity of digital scarcity.
Investors argue this performance gap is forcing institutions to rethink hedging, with bitcoin increasingly treated as both technology and reserve asset -- a position no commodity has ever held.
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