It’s no longer a debate: Hold both gold and Bitcoin as global sovereign debt drives demand for alternatives - 3iQ’s Mancuso

(Kitco News) - Persistent fiscal deficits, ballooning sovereign debt and rising geopolitical fragmentation are forcing investors to rethink what constitutes a safe-haven asset, and one digital asset executive says the answer increasingly includes both gold and Bitcoin.

In an exclusive commentary for Kitco News, Tommaso Mancuso, President and Chief Investment Officer at global digital asset investment manager 3iQ, said the long-running debate over whether Bitcoin can replace gold has become outdated. Instead, institutional investors should view the two assets as complementary components of a broader hard-asset allocation.

Mancuso noted that central banks accumulated an average of roughly 1,000 tonnes of gold annually between 2022 and 2025, about twice the average pace of the previous decade. At the same time, Bitcoin has moved deeper into mainstream finance through spot exchange-traded funds, corporate treasury adoption and increased institutional participation.

The common denominator, according to Mancuso, is growing concern about the sustainability of traditional sovereign assets. In recent weeks, fears over an unsustainable rise in global sovereign debt have pushed gold prices back above $4,300 an ounce, while Bitcoin is currently trading above $75,000 per token.