Gold and Bitcoin as Complements: Sovereign Debt Surge Drives Demand for Alternatives - 3iQ’s Mancuso

In his commentary, Tommaso Mancuso, President and Chief Investment Officer at 3iQ, states that debates over Bitcoin replacing gold are outdated. The two assets complement each other in portfolios as alternatives to traditional sovereign debt amid fiscal deficits and geopolitical fragmentation.

Central banks accumulated roughly 1,000 tonnes of gold annually from 2022 to 2025, twice the prior decade’s pace. Bitcoin advances via spot ETFs and institutional adoption. Gold prices surpassed $4,300 per ounce and Bitcoin traded above $75,000 as G7 debt is projected to hit 123.7% of GDP in 2026 per IMF forecasts.

Mancuso notes gold and Bitcoin share monetary traits like constrained supply and independence from sovereign systems. Gold serves as a stable defensive anchor with 12-15% volatility, while Bitcoin offers higher growth potential but 40-50% volatility. The tokenized gold market exceeded $6 billion in 2026.