Bitcoin is also regarded by some as a store of value due to its limited total supply. However, it has a very short history, lacks sovereignty and central bank backing, and its price is highly dependent on market confidence. Once confidence fluctuates, prices can fluctuate dramatically.

In times of crisis, what the market needs most is a sense of security. The instinctive choice for funds is often to sell high-volatility assets and switch to those that can maintain purchasing power over the long term and are widely recognized as "hard currencies," with gold benefiting as a result.