Gold and Bitcoin investors always love to argue about who’s smarter. In reality, gold and Bitcoin are in the same camp—they’re both risk-hedging products. Their risk/return characteristics (based on the Calmar ratio) are almost identical. The best investment strategy is a combination of gold and Bitcoin. For example, an 80% gold + 20% Bitcoin portfolio has lower risk and offers double the returns of pure gold investments, while during a bull market, investing solely in BTC yields higher returns.