Let me count the ways Bitcoin is FAR superior to wrapping bullion on ERC-20 tokens: Bitcoin will ALWAYS remain the stronger “digital-gold”, especially against gold that has been tokenized on Ethereum because only Bitcoin removes all layers of fiduciary trust, supply uncertainty, and settlement dependency that inevitably re-enter the system once physical bullion is wrapped into an ERC-20 token! Custody vs. Consensus Tokenized-gold projects (e.g., XAUT, PAXG) still rely on an off-chain vault, audits, and a corporate issuer; holders must trust that the metal is really there and never rehypothecated.​ Bitcoin’s 21 million-unit cap, issuance schedule, and ownership are enforced by full nodes, math and decentralized software, not corruptible, fallible human custodians.​ Settlement Finality A BTC transfer is native‐layer final once blocks confirm—no intermediary can freeze or claw it back.​ Tokenized gold inherits Ethereum’s fee market and censorship exposure plus the issuer’s redemption gate; the token can move on-chain, but final title to metal is still off-chain and revocable.​ Supply Elasticity (cc @jackmallers credit here) Gold’s above-ground stock grows whenever price rises because new mining is economically viable when price goes up!—so its inflation is elastic, whereas Bitcoin’s is algorithmically fixed and already under 1% per year.​ A ETH 'gold token' merely mirrors that elastic gold supply; it cannot create digital scarcity as a result. There is simply no Proof of Work tying Gold's work to token value. Regulatory & Counter-party Risk If the vault operator, insurer, or regulator intervenes, tokenized gold can be frozen or invalidated—even while the token circulates on-chain.​ Bitcoin has no issuer to subpoena; seizure requires convincing a global network of miners and node operators—a radically higher bar. Liquidity & Market Depth All tokenized-gold assets combined (so far) are ≈ $3 B—two orders of magnitude smaller than Bitcoin’s ~$2 T market cap and 24-hour spot depth.​ Thin liquidity amplifies slippage and counter-party spreads during stress events, undermining safe-haven utility. Imagine how bad this would get with ETH gas spikes. Performance Asymmetry Over the last decade Bitcoin has compounded at ≈ 60% annually versus gold’s ≈ 2%; the token wrapper cannot erase that structural return gap because it is still tethered to the slow-moving spot gold market.​ Technology Stack Risk (DUH, it's not BITCOIN) Tokenized gold inherits every smart-contract bug, bridge exploit, or consensus-change risk of Ethereum PoS.​ It would simply be retarded to throw gold tokens on top of the most non-performant, insecure, high-gas, schizophrenic dinosaur blockchain. If you were going to try to tokenize Gold meaningfully, at least do it on Solana or SUI, so that it would have a chance at the outset. Bitcoin’s simpler, battle-tested base layer avoids those additional attack surfaces. This is why it's considered pristine collateral. Bottom line: wrapping bullion in an ERC-20 delivers programmability, but it cannot eliminate vault trust, elastic supply, or issuer risk; Bitcoin’s trust-minimized, censorship-resistant settlement and hard-capped scarcity still make it the superior long-term digital store of value. This is true IRRESPECTIVE of how balls-deep @fundstrat is in his eth gambit rn.