On the flipside: What else are you going to hold? How much are you allocating to cash, bonds, equity, real estate, gold, bitcoin(, collectibles, art, pokemon trading cards), etc? They all come with their own sets of risk. Think of it as another asset class, with different characteristics / (albeit changing) correlation.

We are at historically low interest rates. Equities are at historic P/E multiples in the U.S. and globally. Real Estate is getting more and more expensive compared to generated cashflow. Inflation/Deflation possibilities. Naturally, people are looking at other opportunities or hedges. Allocating portion according to your own situation and believe can make sense.

There also exists an argument on Gold vs BTC: - Gold is hard to transport - Same bar appears on multiple balance sheets - Paper gold ETFs - Price manipulation by central banks and hedge funds - Hardness / How much gold is added yearly - Ability to improve in use through software

Could be a very good collateral, compared to bonds which lose value through inflation.

It's really a personal decision. If you think your money should be elsewhere, then put it elsewhere.