Episode 268 - Bitcoin vs Gold – Was gibt dir mehr Rendite & Sicherheit? | Mit Ronnie Stöferle von Incrementum

·55 min·5 clips

Ronnie Stöferle argues gold and Bitcoin can coexist peacefully against the fiat money system.

The episode features an interview with Ronnie Stöferle, a fund manager and author of the In Gold We Trust report. Stöferle begins by framing gold as a mirror of trust in the monetary system and suggests a peaceful coexistence with Bitcoin. He shares his background in banking and how he entered the gold space 19 years ago, now publishing the report in multiple languages. Stöferle discusses gold's global appeal, noting its significance in emerging markets like China, India, and the Arab world due to historical inflation experiences. He details gold's monetary properties: scarcity, fungibility, high value density, and a stock-to-flow ratio similar to population growth. The conversation shifts to demand drivers, with Stöferle highlighting central banks buying over 1,000 tons annually since 2022, partly due to sanctions against Russia. He explains private investment demand is strong in emerging markets but weaker in the West, and jewelry demand in India often acts as a monetary insurance for women. Stöferle compares the current gold market to 'The Big Short,' suggesting a fundamental revaluation is underway, with themes like de-dollarization entering mainstream discourse. He mentions figures like Steven Mirren and Scott Besant discussing gold's role in potential monetary system reforms. Stöferle presents a bullish case, citing a 2020 prediction of $4,800 gold by 2030 and recent performance of 35% in euros. He argues institutional allocation to gold is only about 1%, leaving room for growth as investors seek hedges against bond market risks. The discussion turns to Bitcoin, with Stöferle calling it 'digital gold' and noting similarities in scarcity and neutrality. He emphasizes both assets can coexist, using analogies like having an SUV and a motorcycle in the garage. Stöferle addresses the tactile appeal of gold versus digital trends, suggesting both have a place. He concludes by describing gold as a mirror of trust in the system, reflecting broader economic problems, and expresses optimism about younger generations discovering sound money through Bitcoin and gold.

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