Bitcoin Is Merely a Speculative Tool, Canadian Billionaire Frank Giustra Claims

Canadian billionaire Frank Giustra has opined that Bitcoin, the leading cryptocurrency by market cap, is merely a speculative tool:

Canadian billionaire Frank Giustra has claimed that Bitcoin (BTC) is a speculative asset and does not yet have the qualities of gold, despite its stellar performance in recent years.

“So far, despite its performance, Bitcoin has not proven it has the qualities of gold. That’s just a fact. It can aspire to be like gold, but that’s speculation. Enjoy the ride,” Giustra told members of the World Gold Council in London on Monday.

The billionaire, who is a known gold enthusiast, stated that he is not a Bitcoin hater and that he is still waiting for the day when the flagship cryptocurrency will start showing the characteristics of the yellow metal.

“It’s not an asset for trading. You buy it to preserve wealth, not to get rich. If you want to get rich, it requires risk/speculation...in that case, buy Bitcoin.”

According to Giustra, Bitcoin has never behaved like a safe-haven asset, and its narrative has “long departed” from the original white paper.

“It’s a great technology, but they never finished the narrative. They started it in 2008. It was supposed to be an asset that would be used in small units for daily transactions. But today, it’s mainly used in large units for speculation.”

The billionaire went on to say that gold should be a small part of everyone’s portfolio—10-15%.

“It’s not too late to buy…but remember, it’s not an asset for speculation. You hold it to preserve wealth, not to get rich. If you want to get rich, it requires risk/speculation…in that case, buy Bitcoin. But if you want to buy an asset to protect your wealth, then buy gold.”