Steve Neamtz, CEO of Yorkville America, wrote that gold and Bitcoin are not in competition within a portfolio but are both "de-fiatized" investments. He believes that against a backdrop of high federal debt and persistent decline in fiat purchasing power, both scarce assets can offer diversified returns. Neamtz noted that while gold has more mature custody and legal infrastructure, Bitcoin is catching up through mechanisms like spot ETFs, and both are effective tools against fiat currency devaluation.