Year-to-date, gold has ascended 39%, a respectable climb, while Bitcoin trails at 19%. But ah, the folly of judging by fleeting gains! History, that implacable judge, suggests Bitcoin’s true mettle lies in its risk-adjusted performance. In the frenzied bull market of 2017, Bitcoin soared 1,300%, its Sharpe ratio a robust 1.4, while gold, with its modest 13% gain, could muster only a 0.8. And in 2020, as the world teetered on the brink, Bitcoin climbed 214%, its Sortino ratio exceeding 3.0, a testament to its resilience in the face of adversity. Gold, ever steady, managed a mere 7%, its Sortino ratio languishing below 1.5.