Earlier this month FTX, formerly the crypto industry's third-largest exchange, imploded. Crypto prices collapsed yet again. Bitcoin, which many touted as an alternative to gold, fell by 13%. And the oldest crypto asset's value has fallen by over 70% since its peak less than two years ago. For all its heady promises, bitcoin has failed to live up to its reputation as an effective hedge against inflation.

Gold, on the other hand, has stood the test of time. Its counter-cyclical nature, in fact, makes it a go-to investment vehicle during times of economic distress. Generally, when the value of real estate and stock markets plummet, gold prices hold steady and even rise unlike other precious metals. Moreover, its reputation has shone over centuries as opposed to newfangled instruments like cryptocurrencies and will continue to do so.