Subject. The economic nature and functional characteristics of gold and Bitcoin as monetary?investment assets, as well as their ability to serve as a store of value and a means of forming hoards. Objectives. To compare gold and Bitcoin in terms of their ability to fulfil the functions of preserving value and ensuring long?term capital accumulation under conditions of financial instability and the digital transformation of the economy. Methods. A systemic and structural?functional approach was used, along with comparative and empirical analysis and the historical?logical method. Results. The concept of a monetary?investment asset has been clarified. It is shown that both gold and Bitcoin belong to this category, yet they differ significantly in the extent to which their monetary and investment properties are expressed. It has been established that gold is characterized by high liquidity, low volatility, and institutional recognition, which underpins its role as a safe?haven asset. Bitcoin possesses an algorithmically limited supply and technological advantages, but is marked by high volatility, dependence on market sentiment, and regulatory uncertainty. Conclusions. Despite their formal similarities, gold and Bitcoin have fundamentally different economic natures and varying degrees of institutional maturity. Gold continues to serve as an instrument for long?term accumulation. In contrast, Bitcoin exhibits the features of a high?risk speculative?investment asset and cannot be regarded as a full?fledged functional equivalent of gold. However, the development of the cryptocurrency market, the growth of its institutionalization, and the improvement of regulatory mechanisms may contribute to a change in its role and to the convergence of its characteristics with those of traditional financial assets.
Schwab K. Chetvertaya promyshlennaya revolyutsiya [The Fourth Industrial Revolution]. Moscow, E Publ., 2017, 207 p.
Bernstein P.L. The Power of Gold: The History of an Obsession. New York, John Wiley and Sons, 2012, 448 p.
Eichengreen B. Globalizing Capital: A History of the International Monetary System. Princeton, Princeton University Press, 2019, 298 p. DOI: 10.1515/9781400828814
Tapskott D. Tekhnologiya blokchein: to, chto dvizhet finansovoi revolyutsiei segodnya [Blockchain technology: What is driving the financial revolution today]. Moscow, Eksmo Publ., 2017, 443 p.
Böhme R., Christin N., Edelman B., Moore T. Bitcoin: Economics, Technology, and Governance. Journal of Economic Perspectives, 2015, vol. 29, iss. 2, pp. 213–238. DOI: 10.1257/jep.29.2.213
Abramova M.A., Krivoruchko S.V., Lunyakov O.B., Fiapshev A.B. [Theoretical and methodological perspective on the prerequisites of emergence and peculiarities of the functioning of decentralized finance]. Finansy: teoriya i praktika, 2025, vol. 29, no. 1, pp. 80–96. (In Russ.) DOI: 10.26794/2587-5671-2025-29-1-80-96 EDN: QICSEA
Abramova M.A., Kunitsyna N.N., Dyudikova E.I. [Prospects for the incorporation of the digital ruble into Russia’s monetary turnover: attributes and principles for developing a trusted digital environment]. Finansy: teoriya i praktika, 2023, vol. 27, no. 4, pp. 6–16. (In Russ.) DOI: 10.26794/2587-5671-2023-27-4-6-16 EDN: KXSALM
Selgin G. Synthetic Commodity Money. Journal of Financial Stability, 2015, vol. 17, pp. 92–99. DOI: 10.1016/j.jfs.2014.07.002
Dwyer G.P. The Economics of Bitcoin and Similar Private Digital Currencies. Journal of Financial Stability, 2015, vol. 17, pp. 81–91. DOI: 10.1016/j.jfs.2014.11.006
Keynes J.M. The General Theory of Employment, Interest, and Money. London, Macmillan, 1936, 403 p.
Minsky H.P. Stabilizing an Unstable Economy. New Haven, Yale University Press, 1986, 376 p.
Tobin J. Liquidity Preference as Behavior Towards Risk. The Review of Economic Studies, 1958, vol. 25, iss. 2, pp. 65–86. DOI: 10.2307/2296205
Hicks J. Critical Essays in Monetary Theory. Oxford, Clarendon Press, 1967, 219 p.
Bordo M.D. The Classical Gold Standard: Some Lessons for Today. Federal Reserve Bank of St. Louis Review, 1981, vol. 63, no. 5, pp. 2–17.
Baur D.G., Lucey B.M. Is Gold a Hedge or a Safe Haven? An Analysis of Stocks, Bonds and Gold. The Financial Review, 2010, vol. 45, iss. 2, pp. 217–229. DOI: 10.1111/j.1540-6288.2010.00244.x
Popper N. Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money. New York, Harper, 2015, 398 p.
Baur D.G., Hong K., Lee A.D. Bitcoin: Medium of Exchange or Speculative Assets? Journal of International Financial Markets, Institutions and Money, 2018, vol. 54, pp. 177–189. DOI: 10.1016/j.intfin.2017.12.004
Krylova L.V. [Gold remonetization in the digital currency system: pro & contra]. Nalogi. Pravo, 2025, vol. 18, no. 6, pp. 91–99. (In Russ.) DOI: 10.26794/1999-849X-2025-18-6-91-99 EDN: RQZHZQ
Diudikova E.I., Kunitsyna N.N. [From alternative assets to systemic change: How cryptocurrencies are transforming international finance]. Voprosy ekonomiki, 2025, no. 6, pp. 42–62. (In Russ.) DOI: 10.32609/0042-8736-2025-6-42-62 EDN: DTJYKX
Menger C. On the Origins of Money. Economic Journal, 1892, vol. 2, no. 6, pp. 239–255. DOI: 10.2307/2956146
Mises L. The Theory of Money and Credit. Indianapolis, Liberty Fund, 1981, 298 p.
Rothbard M.N. What Has Government Done to Our Money? Auburn, Ludwig von Mises Institute, 2015, 124 p.
Ammous S. The Bitcoin Standard: The Decentralized Alternative to Central Banking. Hoboken, Wiley, 2018, 304 p.
Cheah E.-T., Fry J. Speculative Bubbles in Bitcoin Markets? An Empirical Investigation into the Fundamental Value of Bitcoin. Economics Letters, 2015, vol. 130, pp. 32–36. DOI: 10.1016/j.econlet.2015.02.029 EDN: USRRRF
Bouri E., Molnár P., Azzi G. et al. On the Hedge and Safe Haven Properties of Bitcoin: Is it Really More than a Diversifier? Finance Research Letters, 2017, vol. 20, pp. 192–198. DOI: 10.1016/j.frl.2016.09.025
Markowitz H. Portfolio Selection. Journal of Finance, 1952, vol. 7, no. 1, pp. 77–91. DOI: 10.2307/2975974
Sharpe W. Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk. Journal of Finance, 1964, vol. 19, no. 3, pp. 425–442. DOI: 10.2307/2977928
Baur D.G., McDermott T.K. Is Gold a Safe Haven? International Evidence. Journal of Banking & Finance, 2010, vol. 34, iss. 8, pp. 1886–1898. DOI: 10.1016/j.jbankfin.2009.12.008
Baur D.G., Dimpfl T., Kuck K. Bitcoin, Gold and the Dollar – A Replication and Extension. Finance Research Letters, 2018, vol. 25, pp. 103–110. DOI: 10.1016/j.frl.2017.10.012
Klein T., Thu H.P., Walther T. Bitcoin is not the New Gold – A Comparison of Volatility, Correlation, and Portfolio Performance. International Review of Financial Analysis, 2018, vol. 59, pp. 105–116. DOI: 10.1016/j.irfa.2018.07.010
Cong L.W., Li Y., Wang N. Tokenomics: Dynamic Adoption and Valuation. The Review of Financial Studies, 2021, vol. 34, iss. 3, pp. 1105–1155. DOI: 10.1093/rfs/hhaa089 EDN: CFDCOX
Krylova L.V. [Transformation of the international reserves in the context of a crisis of confidence]. Finansy: teoriya i praktika, 2025, vol. 29, no. 5, pp. 139–150. (In Russ.) DOI: 10.26794/2587-5671-2025-29-5-139-150 EDN: EUANRI
Dyudikova E.I. [The metaverse: From the phenomenon of a social group of crypto enthusiasts to the basis of a new metasociety]. Obshchestvennye nauki i sovremennost’, 2024, no. 6, pp. 7–24. (In Russ.) DOI: 10.31857/S0869049924060016 EDN: JCBOTC
Sotnikov D.S., Zhuravleva O.V., Varvus S.A., Buevich A.P. [The role of gold in the modern economy]. Finansy: teoriya i praktika, 2025, vol. 29, no. 2, pp. 238–250. (In Russ.) DOI: 10.26794/2587-5671-2025-29-2-238-250 EDN: VOGYJJ
