While Bitcoin (BTC) maximalists may think of the leading cryptocurrency as the "digital gold ," billionaire Frank Giustra thinks the Greenland episode has shattered any such myth.
Gold is a safe haven and Bitcoin is a risk-on asset, he asserted.
Related: Analyst offers fix to Trump's $5.7B Greenland gambit
Giustra says Bitcoin not comparable to gold
Giustra is a Canadian billionaire businessman, mining financier, and philanthropist who is well-known within the crypto circles for his strong criticism of the Bitcoin accumulation model of the Michael Saylor-led Strategy (Nasdaq: MSTR).
Recently, he went to X to again criticize the leading Bitcoin treasury for its "promotional style" based on "greed and FOMO" but clarified that he isn't against BTC itself.
A user said that gold and Bitcoin complement each other and are store-of-value assets he could live with.
In response, Giustra said that Bitcoin isn't gold and the uncertainty around Greenland and numerous previous examples have demonstrated it.
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Giustra compares gold and Bitcoin prices during Greenland 'uncertainty'
While the U.S. has eyed Greenland since the 19th century, President Donald Trump has been amping up the rhetoric after the action in Venezuela.
Trump argues that controlling the island is the key to its national security, given the presence of Russian and Chinese ships around it. In fact, he has threatened a tariff war against European countries over the Greenland episode.
As the controversy rages, gold's price has risen more than 7%, but Bitcoin's price has dropped nearly 17% over the last three months.
In fact, gold's price hit a new all-time high (ATH) of $4,689.39 per oz on Jan. 19. But BTC was exchanging hands at $93,276.79 at the time of writing, still 25% lower than the ATH of $126,080 it reached in early October last year.
Giustra argued that gold's uptick and BTC's downtick amid the
"Greenland uncertainty" have shown that the former is a safe asset and the latter is a risk-on asset.
"The facts on this are clear & indisputable."
When the user quizzed what one can do if gold gets confiscated, Giustra responded that Bitcoin is much easier to confiscate than gold.
He gave the example of the much-touted government Bitcoin reserve, which is made up of seized coins.
As per U.S. President Donald Trump's executive order, the strategic Bitcoin reserve will consist of BTC forfeited by the U.S. federal agencies as part of asset seizures.
Bitcoin is also easier to trace than gold, and desperate governments choose the path of least resistance, Giustra added.
While Bitcoin is a decentralized cryptocurrency and gives the impression of user anonymity, there are several tools that track the flow of crypto funds via exchanges, wallets, etc.
Related: White House advisor reveals surprising hurdle to Bitcoin reserve
This story was originally published by TheStreet on Jan 19, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
