Which will serve better as a hedge or diversifier Gold or Bitcoin?

Gold is the most attractive precious metal and thus for the investor's first choice of an alternative investment. After the establishment of Bitcoin becomes one of the alternative choices of investment. Both Gold and Bitcoin have attractive features of risk management and portfolio risk. In this paper, we compared Gold and Bitcoin performances as hedge or diversifiers and tried to isolate the best one. For comparison purposes, we used the same methodology, which is the asymmetric GARCH model considering three different markets, such as the energy market, currency market, and stock market. We found Gold serves as a diversifier against crude oil WTI and hedge against S&P500, which is short-run. Bitcoin only offers diversifier benefits against crude oil WTI. For portfolio analysis, Gold is better than Bitcoin; therefore, it must be the first choice for investors.