Bitcoin is surging as an inflation hedge, however do not rely out gold both Meanwhile, bitcoin has soared nearly 70% and is currently hovering just below $50,000 per coin — not far from the record high it reached last month. Still, fans of gold think the yellow metal is due for a rebound — even if bitcoin continues to march higher as well. Gold is a classic fear trade. Prices rallied last year on worries about coronavirus lockdowns crippling the global economy. But gold also does well when investors are worried about inflation — as they are now. Plus, the price volatility of bitcoin may make it less attractive than gold to many big institutions looking to protect their cash, despite recent decisions by the likes of Tesla (TSLA) and MicroStrategy (MSTR) to hold bitcoin on their balance sheets.