Since the current inflation rate in Croatia is as high as 13,1%, and a global recession is on the horizon, investors want to find a safe haven to protect themselves from inflation and preserve the value of their assets. By diversifying the portfolio by investing in different investment classes such as low-risk gold and high-risk Bitcoin, investors want to disperse the risk of their investment. With the appearance of Bitcoin in 2009 as the forerunner of all cryptocurrencies, the public was first introduced to virtual currencies as an alternative to classic fiat money. None of the experts could have predicted that Bitcoin would become widely accepted by institutional investors and experience a boom rather than a collapse in its infancy. With regard to the above, the paper investigated the similarities and differences, i.e. the advantages and disadvantages of investing in Bitcoin or gold as an investment class. Although Bitcoin has not proven itself as "digital gold" and does not provide protection against inflation in turbulent times of financial crises as gold does, it nevertheless experienced a price "boom" with gold during the Covid-19 pandemic compared to other investment classes. The paper analyses in detail the specifics of gold and Bitcoin as investment classes and compares the scarcity, hedging ability, profitability and volatility of one and the other investment class. One of the advantages of investing in gold over Bitcoin is exemption from paying taxes by investing in gold, i.e. paying capital gains tax when paying out cryptocurrencies in fiat money. Futures and options trading on stock crypto markets is also increasingly popular, along with the rise of crypto trading platforms. At the end of the paper, a survey was conducted on the respondents’ attitudes about investing in gold or Bitcoin. Respondents believe that after the collapse of a large number of central crypto exchanges, confidence in cryptocurrencies has weakened, and that digital currencies still cannot replace classic fiat currencies. Ultimately, the survey found that the majority of respondents believe that gold is a safer investment than Bitcoin in terms of expected return and risk.