Gold surged to a record high above $4,000 per ounce, while Bitcoin experienced a significant decline, raising questions about the viability of the 'debasement trade' strategy. On October 10, the crypto market faced a 'Black Friday' crash, resulting in over $19 billion in leveraged positions being liquidated, contributing to Bitcoin's sharp fall. The contrasting performances of gold and Bitcoin have led analysts to reassess the role of these assets in hedging against fiat currency depreciation. While some suggest gold has reasserted itself as the primary safe haven, Tether CEO Paolo Ardoino and others maintain that both gold and Bitcoin can effectively complement each other in protecting against fiat risk.