Legendary venture capitalist Tim Draper has taken to social media to declare that gold is dead. “It just sits there. Bitcoin moves,” he said.
He has added that Bitcoin is “borderless,” permissionless,” and “programmable.”
Bitcoin can be used for making run-of-the-mill purchases, which is impossible with gold, according to Draper.
“You can’t buy coffee with gold. But with Bitcoin, you can — without banks, inflation, or friction,” the billionaire opined.
However, some social media users were quick to point out that gold has substantially outperformed Bitcoin in 2025. The yellow metal is up more than 20% on a year-to-date basis while its digital rival remains basically flat.
Gold has benefited from the tariff-induced economic turmoil, surging above $3,500 per ounce for the first time this week.
Meanwhile, there are still debates about whether Bitcoin can actually qualify as a safe-haven asset. As reported by U.Today, Canadian billionaire Frank Giustra recently opined that Bitcoin should not be compared to gold since it performs different functions. Echoing the criticism of the likes of controversial financial commentator Peter Schiff, he has dismissed the leading cryptocurrency as “pure speculation.”
As reported by U.Today, Draper, a longtime Bitcoin investor, predicted that the price of the cryptocurrency could skyrocket to $3 million if it becomes the dominant currency.
The venture capitalist previously forecasted that Bitcoin would hit $250,000 by the end of 2022. He later revised the uber-bullish price call in 2023, predicting that the leading cryptocurrency would eventually be able to reach the aforementioned price milestone by mid-2025 (which, again, seems extremely unlikely).
