Canadian billionaire Frank Giustra questioned the first cryptocurrency’s status as a haven. He argued the coin is far easier to confiscate than precious metals, making digital-asset investing risky.
Bitcoin much easier to confiscate than gold. Witness the much hyped Government Bitcoin Reserve- it’s made up solely of seized BTC . That alone should give investors pause. BTC purchases much easier to trace … when governments get desperate, they choose path of least resistance
— Frank Giustra (@Frank_Giustra) January 19, 2026
“Look at the much-hyped government bitcoin reserve — it consists entirely of seized coins. That alone should give investors pause. Transactions are easy to trace, and when governments are desperate, they choose the path of least resistance,” the businessman wrote.
Shifting narratives and a critique of FOMO
The billionaire recalled a debate with the founder of Strategy Michael Saylor five years ago. Giustra stressed that his criticism is aimed not at the technology but at the promotion of the asset, built on greed and FOMO.
The debate almost 5 years ago. Watch to very end and the only real point I was making about Saylor’s promotional style-https://t.co/qlinNV5rab https://t.co/zcivZGpHMl
— Frank Giustra (@Frank_Giustra) January 18, 2026
The investor pointed to the constant shifting narratives around the first cryptocurrency due to an “identity crisis”:
- means of payment: the idea faltered amid rising fees and low speed;
- hedge: during the inflation spike the price fell from $69,000 to $16,000;
- digital gold: Giustra considers this claim refuted by current market conditions.
“Today is a perfect example of why bitcoin is not gold. Amid uncertainty around Greenland, the metal jumped sharply while the cryptocurrency fell by the same percentage. One asset is a ‘safe haven’, the other is a risk-on instrument,” he noted in a discussion with a user called Lucas.
Today is a perfect example of why Bitcoin is not gold. With all the Greenland uncertainty, gold is up sharply and Bitcoin is down the same %. Numerous examples in the past. One is a safe haven and the other is a risk-on asset. The facts on this are clear & indisputable.
— Frank Giustra (@Frank_Giustra) January 19, 2026
Grievances with bitcoin maximalists
Separately, Giustra published an article detailing risks for “unsophisticated investors”. He condemned Saylor’s calls to mortgage real estate to buy crypto, calling it a recipe for financial ruin.
Read my latest article- “I have nothing against Bitcoin. It’s a fascinating experiment, a volatile speculative asset and, for some, a lucrative trade. I do have a beef, however, with the Bitcoin maximalists” subscribe to https://t.co/KURLp7Xy93 https://t.co/vekmjm0Umz
— Frank Giustra (@Frank_Giustra) January 11, 2026
The billionaire also pointed to market-structure issues:
- inflows into spot ETF have slowed;
- shares of DAT companies, including Strategy, trade below net asset value;
- high leverage at such firms raises the risk of cascading sell-offs.
“It looks like a game of musical chairs among big buyers. Every rich person is glancing around nervously, guessing who will exit first, before the music stops,” Giustra added.
Solidarity among ‘gold bugs’
The billionaire’s position echoes that of gold advocate Peter Schiff. The economist said bitcoin’s inability to rise alongside precious metals undermines its reputation.
Everyone expects Bitcoin to follow gold’s lead and rally to new highs. But the market has given speculators way too much time to buy. What’s far more likely is that Bitcoin’s failure to match gold’s gains undermines its narrative as digital gold, resulting in a spectacular crash.
— Peter Schiff (@PeterSchiff) January 19, 2026
Schiff warned of a likely plunge in the digital asset’s price due to speculators’ disappointment.
Market participants also expressed concern over Saylor’s silence. After hinting at coin purchases on January 18, he stopped posting updates on the topic, which investors took as a troubling signal.
Bigger Red. pic.twitter.com/IUfIdOIWEd
— Caramel (@CaramelCoffee8) January 18, 2026
Earlier, ARK Invest CEO Cathie Wood said that mathematically limited issuance makes the first cryptocurrency a more perfect scarce asset than gold.