Haciyev Reşit 
Nick Szabo, one of the figures occasionally mentioned as a possible Satoshi Nakamoto, shared a comprehensive assessment comparing Bitcoin and gold. In his latest remarks, Szabo argued that Bitcoin offers key advantages over gold—particularly for individual investors—in terms of cost, storage, and transfer. His comments have once again brought the long-standing “Bitcoin or gold?” debate back to the forefront.
Bitcoin Is More Advantageous for Individual Investors
According to Szabo, Bitcoin’s most significant advantage for individual investors is the ability to self-custody assets. In the case of physical gold, investors face additional costs such as vault rental, insurance, security, and theft risk. With Bitcoin, these costs can be significantly reduced through technological solutions.
He also emphasized that Bitcoin’s transfer process is faster and more cost-efficient compared to gold, particularly in terms of global settlement and verification. Transporting, verifying, and delivering physical gold involves operational burdens that are far more complex and expensive than Bitcoin’s digital verification mechanisms on its network.
A More Balanced Comparison for Institutions
On the institutional side, Szabo noted that the comparison becomes more balanced. When Bitcoin is held at an institutional scale, additional costs arise from trust infrastructure, regulatory compliance, and operational oversight. Therefore, in his view, Bitcoin is neither significantly cheaper nor more expensive than gold for institutions.
He underlined that in institutional custody processes, the primary cost drivers are not only technology, but also legal frameworks, trust structures, and control mechanisms.
Custody Technologies and Centralization Criticism
Szabo argued that both individual and institutional Bitcoin self-custody costs could decrease substantially over time as technology advances. However, he stressed that these technologies are still in a maturation phase, are not yet widely understood, and require support models that differ significantly from traditional institutional trust systems.
He also criticized the long-standing centralized custody habits of Wall Street and banks, suggesting they have slowed Bitcoin’s evolution toward a more distributed structure. Szabo described Bitcoin’s concentration within large custodial institutions as a “temporary but embarrassing centralization,” indicating that this concentration shows Bitcoin’s maturation process is not yet complete.
The Core Difference Between Gold and Bitcoin
Szabo pointed out that gold, with its approximately 6,000-year history, has limited room left for innovation in reducing storage and verification costs. In contrast, Bitcoin still has substantial innovation potential. While gold’s centralized structure—largely stored in bank vaults—is unlikely to change in the short term, Szabo believes Bitcoin could gradually evolve toward a more decentralized, individual-focused custody model.
Overall, Szabo’s evaluation highlights that Bitcoin offers structural advantages over gold, particularly for individual investors. Although the comparison remains more balanced at the institutional level, he argues that ongoing technological advancements could further reduce Bitcoin’s custody and security costs in the long run. In this sense, while Bitcoin may not yet be fully mature, it arguably possesses far greater innovation potential than gold.
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