Take gold over Bitcoin for portfolio protection, SocGen says

Gold (XAUUSD:CUR) (GLD) and Bitcoin (BTC-USD) are both off their peaks, with gold down about 17% and Bitcoin off 40%, even as inflation expectations have ramped up.But while Bitcoin has been called an inflation hedge, it's role isn't really understood in the market, says Societe Generale.And it's recommending gold for multi-asset investors."This risks to Bitcoin remain on the downside," Alain Bokobza, head of global asset allocation at SocGen, writes in a note. "Confusing Tesla communications, past stratospheric price movements, potential new regulations from central banks on crypto currencies, carbon-wide very 'dirty,' etc."Gold "is backed by structurally negative U.S. yields, but also as portfolio protection, i.e. an effective hedge on inflation but also the expected restart of a (fast?) falling U.S. dollar," he says.Bitcoin's asset classification is a question, he adds, saying it's:"Not a currency. Despite Elon Musk's teasing, Bitcoin still can't be used to buy a Tesla.""Not a commodity. The energy