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and USD is a physical asset?

gold is actually not doing very well either in this inflationary environment due to rising interest rates. Gold bugs are pissed.

Year to date -> The market is down almost 20%, long treasuries are down almost 18%, IAU (gold ETF) is up 2.75%

Seems like it's doing it's job quite nicely.

>and USD is a physical asset?

It's not but there's definitely a difference between:

BTC: 0.5 trillion market cap

USD: ~1,000.0 trillion market cap

Also, BTC could just dissapear overnight, really, while USD is the de facto currency of the world so ...