I. Bitcoin vs. Gold: The Old Debate RevisitedFor more than a decade, the Bitcoin–Gold comparison has structured one of the most fascinating narratives in modern finance. Bitcoin, the “digital gold,” represented the dematerialization of scarcity —the idea that value could exist purely in code, detached from atoms. Gold, on the other hand, was the ancient store of value: tangible, inert, yet timeless. The usual argument —which I have often used myself— was that Bitcoin solved the physical limit...

I. Bitcoin vs. Gold: The Old Debate RevisitedFor more than a decade, the Bitcoin–Gold comparison has structured one of the most fascinating narratives in modern finance. Bitcoin, the “digital gold,” represented the dematerialization of scarcity —the idea that value could exist purely in code, detached from atoms. Gold, on the other hand, was the ancient store of value: tangible, inert, yet timeless. The usual argument —which I have often used myself— was that Bitcoin solved the physical limit...