Gold Vs Bitcoin: Can Either Usurp The Dollar’s Reign?

Tonight at 7pm ET, wealth manager Peter Schiff will debate bitcoin investor Mark Moss on the future of hard assets and the global monetary system. 

Since the start of the war in Iran, Bitcoin and gold have reversed roles. While BTC used to trade like a leveraged tech stock, tanking on any shaky geopolitical news, it surged since Trump started bombing. Gold meanwhile, briefly dropped into a technical bear market.

Are traders anticipating a swift end to the war or has there been a structural shift in the assets?

Regime shift really kicking in: gold -13% since start of the Iran war, bitcoin +6% https://t.co/H6AMd039bF pic.twitter.com/5E5C97Cr30

— zerohedge (@zerohedge) March 20, 2026

Still, zooming out, gold had an incredible surge last year and still sits comfortably at around +50% year over year. Bitcoin meanwhile is around -18% yoy at the time of writing.

Monthly trading swings aside, the important question for an investor is which is the superior asset, or even currency. Could either replace the dollar as the global reserve currency? Being backed by gold is arguably what allowed for the U.S. dollar’s global adoption.

Is Bitcoin an improvement on gold given its ease of transaction or is it worthless numbers on a computer?

When you stop measuring Bitcoin in fiat and price it in Gold, the picture clarifies instantly

Every 4 years, BTC revisits the 200 WMA against gold.

Traders wait on the sidelines waiting for confirmation, but for me… a long-term accumulator with a goal of “more bitcoin,” it… pic.twitter.com/2Me7cRP0Hd

— Mark Moss (@1MarkMoss) January 25, 2026

Trump has been the most “pro crypto” President thus far, appointing tech billionaire David Sacks as the crypto (and AI) czar. Bitcoin’s institutional adoption has undeniably surged with numerous approved ETFs on the market with reportedly close to $100B AUM allocated. But is mass appeal the same as underlying utility and value?

The biggest mistake I made with Bitcoin when I first learned about it was overestimating the ability of others to understand why it wouldn’t work. The very people foolish enough to buy it thinking it would work will be foolish enough not to sell it as the market proves me right.

— Peter Schiff (@PeterSchiff) November 29, 2025

Tune in tonight at 7pm ET at the top of the ZeroHedge homepage, X feed, or YouTube as the hard money camps duke it out over the future of money. The debate will be hosted by Real Vision’s Ash Bennington, an S-tier moderator and friend of zh.