It is much closer to speculating in gold than betting on horses.
Buying bitcoin has really very little in common with investing in gold.
- Gold has an intrinsic value - bitcoin has none
- Gold is difficult to value - it's hard to justify $1,300 per oz. But Bitcoin is easy to value - it's worthless
- Gold is a naturally occurring metal - bitcoin is artificially created
- Gold has been in demand for thousands of years - bitcoin has been around for a few years - 4 or 5?