Gold vs Bitcoin: which safe haven in 2026?
Detailed comparison between physical gold and Bitcoin as a store of value.
Gold and Bitcoin are often presented as competing safe-haven assets. In reality, their risk profiles are radically different: gold has 5,000 years of history as a store of value; Bitcoin has existed since 2009.
Volatility: Bitcoin shows annualized volatility of 60-80%, vs 12-15% for gold. An investor who can't tolerate seeing their portfolio lose 30% in a month should favor gold.
Correlation: Contrary to popular belief, Bitcoin is strongly correlated with risk assets (Nasdaq) during stress. Gold shows negative correlation with equities — it's a true hedge.
Practical aspects in Switzerland: Physical gold is VAT-exempt (≥995‰) and private capital gains are not taxed. Bitcoin is subject to wealth tax (value on 31/12) and professional gains are taxable.
Recommendation: The two assets are not mutually exclusive. An allocation of 5-10% in physical gold and 1-3% in Bitcoin offers optimal diversification for a conservative Swiss investor.