Canadian billionaire Frank Giustra has opined that Bitcoin, the leading cryptocurrency by market cap, is merely a speculative tool:

"So far, despite its performance, Bitcoin has not proven it has the qualities of gold. That's just a fact. It can aspire to be like gold, but that’s speculation. Enjoy the ride," he said. 

Giustra, a gold proponent, is convinced that Bitcoin has never behaved like a safe-haven asset. Meanwhile, the yellow metal is meant to preserve wealth instead of being used for trading by speculators, according to the prominent entrepreneur. 

"Gold should be a small part of everyone’s portfolio…10-15%. It’s not too late to buy…but remember, it’s not an asset for trading. You hold it to preserve wealth, not to get rich. If you want to get rich, it requires risk/speculation…in that case, buy Bitcoin," he noted earlier this month. 

Bitcoin has consistently traded as a risk-on asset, failing to show the qualities that are associated with gold, according to Giustra. 

Furthermore, he believes that the Bitcoin narrative "has long departed" from the original white paper.