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Michael Novogratz is a veteran Wall Street fund manager and cryptocurrency maven who readily acknowledges when he earns a black eye,while Dave Portnoy is the brash founder of a media empire who only recently began touting stocks and has disparaged Warren Buffett.

Their backgrounds and personalitiesmay be vastly different, but both are now offering the same investment recommendation:Bitcoin is a better long-term bet than gold.

In an appearance on Bloomberg Television, Novogratz founder of Galaxy Digital Holdings Ltd. said that although he sees gold climbing above its record highs, Bitcoin is still the more worthy investment because its harder to buy than the traditional haven. He said about 25% of his net worth is tied up in the cryptocurrency.

Its only got a $20 billion market cap, while gold is over $10 trillion,Novogratz said of Bitcoin. So its got a long way to go to catch gold in terms of just adoption. Still, he doesnt recommend beginners put in more than 1-2% of their money into the digital currency.

Novogratz said Bitcoin had crossed the Rubiconon the question of whether its a good store of value. Now, more institutions and banks are considering how to get into the cryptocurrency, compared with a few years earlier when they viewed it more skeptically, he said.

Barstool Sports founder Portnoy, meanwhile, was sold on the cryptocurrency after being pitched by Cameron and Tyler Winklevoss. In a video posted on Portnoys Twitter feed, the twin brothers who founded crypto exchange Gemini Trust say Bitcoin has the potential to replace gold as a store of value. Their reasoning? They claim that Elon Musk has plans to mine gold from asteroids.

In a tweet after his interview with the Winklevoss twins, Portnoy suggested he has bought $1 million worth of Bitcoin.

Bitcoin, the largestcryptocurrency, has been on a roller coaster in 2020. After sliding below $4,000, its zoomed up and is around $11,800. Its seen further acceptance in the mainstream investment community, experienced a halving where the rate of Bitcoin created dropped by 50% as of May, and seen correlations with gold rise to records.

In the case of bullion, prices have been on a tear this yearas central banks worldwide took steps to shore up ailing economies in the wake of the coronavirus crisis and investors sought a haven from the turmoil. The precious metal isup 28% this year to about$1,945, with Credit Suisse Group raising its bullion forecast for next year to $2,500 due to a perfect storm of factors.

With assistance by Sonali Basak

Before it's here, it's on the Bloomberg Terminal.

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Buy Bitcoin or Gold? Novogratz and Portnoy Prefer the Cryptocurrency - Bloomberg