Uploaded February 2026 | Updated September 2026, 3 weeks ago

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Bitcoin is often described as “digital gold.” Both are presented as inflation hedges with supply constraints beyond the control of any single government. But do they serve the same economic function?

In this episode, Duke finance professor Campbell Harvey argues that Bitcoin’s extreme volatility and structural risks undermine its claim to safe-haven status. He examines the deeper differences between Bitcoin and gold, including valuation uncertainty, network vulnerability, and the importance of tangible use and long-term credibility in establishing a store of value.

If speculation is not the enduring promise of crypto, what is? Harvey turns to the tokenization of real-world assets and the potential for blockchain technology to increase financial efficiency and support economic growth.

Explore Professor Harvey’s referenced paper here:
papers.ssrn.com/sol3/papers.cfm?abstract_id=5530719

"Through the Noise" Playlist
youtube.com/playlist?list=PLE1Vu6ctbqa6k4j4xSfsBMVZVqwjRRA31

00:00 Bitcoin’s 50% Drop
01:10 Understanding Bitcoin’s Volatility
02:30 Bitcoin as a Safe Haven Asset
04:35 Gold vs. Bitcoin
06:45 The Future of Crypto and Stablecoins