Stocks, gold, and crypto can all rise or fall in price, but they do not create value in the same way. Stocks are tied to the earning power of businesses. Gold derives much of its value from scarcity, established demand, and its long history as a reserve asset. Crypto depends more heavily on network utility, adoption, liquidity, token supply, and market confidence.

That is why comparing stocks vs. gold vs. crypto solely by their past returns can be misleading. A better approach is to ask three questions: What could make this asset appreciate? What risks could cause a lasting loss? What role could the asset serve within a broader portfolio?

High volatility does not automatically make an asset unsuitable, just as low volatility does not…