A Bernstein analyst recently argued that Bitcoin is a better investment than gold in the current environment. Gautam Chhugani believes that the world’s largest cryptocurrency is the ‘safe haven’, having outperformed gold by five times since 2018.

The analyst noted that Bitcoin inflation is comparable to gold inflation, but pointed out that skeptics miss the fact that inflation decreases by half every four years. This event has historically resulted in significant price appreciation.

Billionaire hedge fund manager Paul Tudor Jones also recently said that Bitcoin is a better investment than stocks. Chhugani is convinced that capital will continue to flow into Bitcoin as fears of recession increase. He believes that the cryptocurrency will become even more attractive to institutional investors once the SEC approves the first U.S. Spot Bitcoin ETF.

The analyst notes that Bitcoin has a market cap that’s not even 5.0% of gold’s. This Monday, BTC surged following a false report that the SEC had approved an iShares Spot Bitcoin ETF, only to pull back to around the $28,000 level.