From September 2018 to July 2020 (22 months), gold rose 66% while Bitcoin remained flat. In that period, Bitcoin moved from $7k to around $10k, including a 50% drawdown in early 2019. Gold has now outperformed Bitcoin since December 2024 (13 months). Due to technology, mid-terms, monetisation of debt. We are in a much faster environment than seven years ago, with compressed time frames, so perhaps another six months of outperformance.