As an investment, it's a poor investment. As a hedge, it's also mostly a poor hedge. I admit there are exceptional situations that it might work, but they are few and far between. Even in an apocalyptic scenario that most people promote gold in, where the power grid has gone out and we have gone back to the stone age, people will want food, clothes, weapons, cigarettes, things they can use etc. They won't want a shiny metal that mostly just sits under their bed...
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History does not agree - all it takes is hyperinflation - coming to America this year!
It's all relative. If the chart of gold were to look like that but bitcoin and just about everything else priced in dollars was up many multiples of that, it's still a bad investment. Picking gold is akin to picking the slowest horse, which is my point.
Also worth noting, a better alternative did not exist during the last inflationary environment, it does now in bitcoin.