If I could hold only one through year-end, I would choose gold. Bitcoin has greater upside potential, especially if liquidity improves and investors return to risk assets, but its volatility makes the outcome much more dependent on market sentiment.
Gold gives me a better balance of upside and protection. Geopolitical uncertainty, central-bank demand and concerns over inflation and fiscal deficits should continue supporting its role as a defensive asset.
Bitcoin could easily outperform in a strong risk-on environment, but if markets are hit by another inflation, rates or geopolitical shock, I would rather own gold. For a relatively short holding period through year-end, Gold offers the better risk-adjusted choice for me.
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