Bitcoin vs. zlato jako uchovatel hodnoty v kontextu podnikového finančního řízení

The thesis focuses on comparing Bitcoin and gold as stores of value from the perspective of corporate financial management. The theoretical part defines cash reserves and explains the relationship between return, risk, and value preservation, followed by a characterization of both assets. The practical part is based on an analysis of data from the period 2016-2024, comparing return, volatility, Sharpe ratio, maximum drawdown, relationship to inflation, and mutual correlation. The results show that Bitcoin achieves significantly higher returns and a better risk- return ratio, but is also associated with high volatility and deep declines in value. Gold demonstrates lower returns, but a more stable development and smaller losses. The relationship between the price development of both assets and inflation does not appear to be significant in the short term. The low correlation between Bitcoin and gold returns suggests their usefulness from a diversification perspective. From a corporate perspective, the assets therefore fulfill different roles, and their combination within the structure of cash reserves may be appropriate.