Cryptocurrencies like bitcoin are not the "new gold."  Many commentators have dubbed bitcoin "digital gold" because of the fact it has a finite supply and has at times seen price rises due to geopolitical tensions. Gold wins out over cryptocurrencies in a majority of the key characteristics of money.

 Gold is clearly better at holding its purchasing power, and has much lower daily volatility.  Bitcoin's volatility averaged almost seven times that of gold in 2017. The price of  gold is up over 10 percent this year. Bitcoin meanwhile is up over 400 percent. However, the cryptocurrency has had wild swings in price.

 Bitcoin can be broken down into much smaller units. While this may make it look like a better medium of exchange than gold. However,  transaction fees have risen sharply this year. The average transaction fee at its peak in mid-July was just below $9.