Gold is clearly a massive beneficiary of central bank buying. It’s the right asset for the current time: history of monetary use, embedded in the existing system, large market cap, easily and demonstrably controlled in the past.

Bitcoin may never receive the same benefit. But it’s clearly a huge upgrade for the sovereign individual: easily transferred, divisible and verified, not easily seized or controlled. For these reasons, central banks may never buy and accordingly we may continue to trail gold in market cap for a long time.

But who cares?! We have a near-perfect currency for humanity that will protect us from government debasement and theft. That’s more than good enough for me.