Let’s settle this once and for all in 2025 terms.

Bitcoin $BTC

- Fixed supply: 21 million coins, last one mined ~2140
- Fully decentralized, no issuer, no counterparty risk
- Pure monetary commodity: no cash flows, no redemption, just math-enforced scarcity
- Volatility: yes, but it’s the price of being the hardest money ever created
- Settlement assurances: you run a node for $0 or use Lightning for pennies
- Historical performance (2010–2025): ~180% CAGR, survived 4 cycles, multiple nation-state attacks, and still the only crypto asset every major institution holds
- Narrative: “Digital gold” that actually behaves like gold on steroids (divisible, portable, verifiable, and truly scarce)

- Supply: whatever the issuer feels like minting (as long as they claim vaults back it)
- Centralized issuer + custodian + auditor + jurisdiction risk
- You own a derivative, not the gold. Try withdrawing 400 oz bars from Paxos during a banking crisis… good luck
- Built on Ethereum or other smart-contract chains → you pay gas + still have counterparty risk
- Historical performance: tracks spot gold (± tracking error and fees). Gold since 1971 = ~8% CAGR. Nice, but not life-changing
- Narrative: “Gold, but on the blockchain!” → actually just IOU-gold with extra steps