Canadian Billionaire Frank Giustra Calls Bitcoin Pure Speculation

Canadian billionaire and gold advocate Frank Giustra has dismissed Bitcoin as nothing more than a speculative asset, arguing that it lacks the essential qualities of gold. Despite Bitcoin's strong market performance, Giustra believes it has failed to prove itself as a reliable store of value or safe-haven asset.

"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 stated, emphasizing that Bitcoin behaves more like a risk-on asset than a hedge against volatility.

As a longtime proponent of gold, Giustra continues to stress the importance of holding precious metals to preserve wealth. He advises allocating 10–15% of a portfolio to gold, stating it’s not for trading or quick gains, but for long-term financial security. In contrast, he views Bitcoin as suitable only for those willing to take on risk for the chance to get rich.

Giustra also criticized the direction of Bitcoin's development, claiming the digital asset has strayed from the principles outlined in its original white paper. While Bitcoin was initially pitched as a decentralized alternative to fiat, he believes its current market role reflects speculative behavior rather than stability.

His comments come as Bitcoin continues to gain popularity among institutional and retail investors, often touted as "digital gold." However, according to Giustra, the cryptocurrency has yet to demonstrate the resilience and wealth-preserving characteristics that define gold.

With the debate between gold and Bitcoin intensifying, Giustra's stance highlights the divide between traditional investors and crypto proponents, as both sides continue to argue over which asset is truly best for long-term value preservation.