Gold and ‘digital gold’ (Bitcoin) have significantly outpaced equities year-to-date, as perceived uncorrelated havens and inflation hedges. This tells us much about poor equity sentiment – a contrarian positive. Bitcoin (BTC) benefits from gradual institutionalization, perceived inflation hedge, and ‘halving’ supply restraint. Gold from traditional safer-haven status and surging investment demand, but with USD headwinds. Gold bests BTC as a liquid, less volatile, diversifier with correlation history, but cannot match Bitcoin’s 37x 5-year return. We look at the equity proxies: Miners have outperformed, and trade at an attractive 20-year average valuation with a dividend yield, whilst BTC proxies- exchanges, chips, e-commerce enablers - have lagged.