First Mover: Gold Is Crushing Bitcoin, but Inflation May Bring the Cryptocurrency a Boost

Is physical gold leaving digital gold behind?

It’s a question worth asking, with the yellow metal having rallied over the past four trading sessions to reach a new eight-year high, around $1,725 an ounce.

Gold is up 14 percent in 2020, a superlative performance in what has been an annus horribilis for many traditional markets: stocks, oil and industrial metals like copper and aluminum.

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And what about bitcoin, seen by many investors as a digital form of gold due to its perceived use as a hedge against inflation? It’s down 4.1 percent on the year. 

The gap between gold and…