Canadian billionaire Frank Giustra has questioned the status of Bitcoin as a safe-haven asset. He argues that the cryptocurrency is much easier to confiscate than gold, making investments in digital assets risky.

Bitcoin much easier to confiscate than gold. Witness the much hyped Government Bitcoin Reserve- it’s made up solely of seized BTC. That alone should give investors pause. BTC purchases much easier to trace … when governments get desperate, they choose path of least resistance

— Frank Giustra (@Frank_Giustra) January 19, 2026

“Look at the much-publicized government Bitcoin reserve — it consists entirely of seized coins. That alone should make investors think. Transactions are easy to trace, and when governments find themselves in despair, they will take the path of least resistance,” the businessman wrote.

Shifting Narratives and Critique of FOMO

The billionaire recalled a debate with Strategy founder Michael Saylor from five years ago. Giustra emphasized that his criticism is aimed not at the technology itself but at the promotional methods based on greed and FOMO.

The debate almost 5 years ago. Watch to very end and the only real point I was making about Saylor’s promotional style-https://t.co/qlinNV5rab https://t.co/zcivZGpHMl

— Frank Giustra (@Frank_Giustra) January 18, 2026

The investor noted the constant shifting of narratives surrounding the first cryptocurrency due to a "crisis of identity":

  • Medium of exchange: This idea failed due to rising fees and slow transaction speeds;
  • Hedge: During the inflation spike, the asset's price dropped from $69,000 to $16,000;
  • Digital gold: Giustra believes this argument has been disproven by the current market situation.

“Today is a perfect example of why Bitcoin is not gold. Amid uncertainty surrounding Greenland, gold has surged sharply, while cryptocurrency has dropped by the same percentage. One asset is a 'safe haven,' the other is a risk-on instrument,” he noted in a discussion with a user named Lucas.

Today is a perfect example of why Bitcoin is not gold. With all the Greenland uncertainty, gold is up sharply and Bitcoin is down the same %. Numerous examples in the past. One is a safe haven and the other is a risk-on asset. The facts on this are clear & indisputable.

— Frank Giustra (@Frank_Giustra) January 19, 2026

Criticism of Bitcoin Maximalists

Giustra also published an article detailing the risks for "unsophisticated investors." He condemned Saylor's calls to mortgage real estate to buy cryptocurrency, labeling it a recipe for financial disaster.

Read my latest article- “I have nothing against Bitcoin. It’s a fascinating experiment, a volatile speculative asset and, for some, a lucrative trade. I do have a beef, however, with the Bitcoin maximalists” subscribe to https://t.co/KURLp7Xy93 https://t.co/vekmjm0Umz

— Frank Giustra (@Frank_Giustra) January 11, 2026

The billionaire also pointed out issues with market infrastructure:

  • Inflow into spot ETFs has slowed;
  • Shares of DAT companies, including Strategy, are trading below net asset value;
  • High leverage among these firms poses risks of cascading sell-offs.

“It’s like a game of musical chairs among major buyers. Each wealthy individual nervously looks around, guessing who will exit first while the music fades,” Giustra added.

Solidarity Among Gold Bugs

The billionaire's stance aligns with that of gold advocate Peter Schiff. The economist noted that Bitcoin's inability to rise alongside precious metals undermines its reputation.

Everyone expects Bitcoin to follow gold’s lead and rally to new highs. But the market has given speculators way too much time to buy. What’s far more likely is that Bitcoin’s failure to match gold’s gains undermines its narrative as digital gold, resulting in a spectacular crash.

— Peter Schiff (@PeterSchiff) January 19, 2026

Schiff warned of a potential crash in the digital asset's prices due to speculator disappointment.

Market participants also expressed concern over Saylor's silence. After hinting at purchasing coins on January 18, he stopped posting updates on the matter, which investors interpreted as a troubling sign.

Bigger Red. pic.twitter.com/IUfIdOIWEd

— Caramel (@CaramelCoffee8) January 18, 2026

Recall that ARK Invest CEO Cathie Wood stated that the mathematically limited supply of makes the first cryptocurrency a more perfect scarce asset than gold.