Bitcoin was trading at under $30,000 not long ago from $60,000+ level before that. That is too volatile for my taste. Gold prices are much more stable and have held up well against inflation.
I agree, Treasury bonds only guarantee return of face value of bond at maturity. But in the meanwhile those also guarantee interest paid every 6 months. So, if you buy a 20 year bond currently, you are guaranteed 5% interest on your initial purchase for 20 years. That computes total more than double number of dollars on initial purchase, during holding period of 20 years. Nobody knows how high inflation will be in future.
Gold prices are much more stable and have held up well against inflation.
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That is the definition of Money, and holding it has no counter party risk ( devaluation, default, can’t go bankrupt, etc…).