Global economic uncertainty has raised concerns among the public, triggering actions to secure economic stability by investing, especially in gold and bitcoin. This study uses a comparative quantitative method, with the aim of comparing the returns, risks, and performance of the two investment instruments. The population in this study is in the form of data on the monthly closing prices of gold and bitcoin for the period of January 2019 – April 2025 which totals 152 data, consisting of 76 data from each variable. Data analysis was carried out by calculating returns, risks, Sharpe, Treynor and Jensen indices. The three indices are widely used performance measurement methods and have included return and risk factors in their measurements. The results of this study show that there is a significant difference between the return of gold and bitcoin, while for the risk variable between the two, there is no significant difference. Performance based on the Sharpe method also showed no significant difference between the two. However, for performance measurement using the Treynor and Jensen methods, significant differences were obtained between the two instruments. Overall, bitcoin offers higher profit potential than gold, even more so for investors who can accept high volatility. However, the decision to choose an investment instrument still depends on the risk profile of each investor.

<p><em>Firm Size </em>memiliki dampak yang signifikan untuk meningkatkan <em>Firm Value </em>pada perusahaan manufaktur. Penelitian ini memiliki kebaharuan dari variabel <em>Firm Size </em>sebagai variabel pemoderasi. Penelitian ini bertujuan untuk melihat peningkatan <em>Firm Value </em>melalui <em>Research and Development </em>dan <em>Intangible Asset </em>yang dimediasi oleh <em>Firm Size</em>. Jenis penelitian ini adalah asosiatif kausal. Populasi penelitian ini meliputi semua perusahaan sektor manufaktur yang terdaftar di Bursa Efek Indonesia tahun 2017-2022. Teknik pengambilan sampel yang digunakan adalah <em>purposive sampling. </em>Data populasi penelitian sebanyak 165 perusahaan dan diperoleh sampel sebanyak 10 perusahaan. Metode analisis data yang digunakan adalah <em>Partial Least Square. </em>Berdasarkan hasil penelitian menunjukkan bahwa:<em> </em>(1) <em>Research and Development </em>berpengaruh positif dan signifikan terhadap <em>Firm Size, </em>(2) <em>Intangible Asset </em>tidak berpengaruh terhadap <em>Firm Size. </em>(3) <em>Research and Development</em> tidak berpengaruh terhadap <em>Firm Value, </em>(4) <em>Intangible Asset </em>berpengaruh positif dan signifikan terhadap <em>Firm Value, </em>(5) <em>Firm Size</em> berpengaruh positif dan signifikan terhadap <em>Firm Value, </em>(6) <em>Firm Size </em>memediasi pengaruh <em>Research and Development </em>terhadap <em>Firm Value.,</em> (7) <em>Firm Size </em>tidak dapat memediasi pengaruh <em>Intangible Asset </em>terhadap <em>Firm Value.</em></p><p><em><span lang="EN-ID">Firm Size has a significant impact on increasing Firm Value in manufacturing companies. This research introduces novelty by incorporating Firm Size as a moderating variable. The objective of this study is to examine the enhancement of Firm Value through Research and Development (R&amp;D) and Intangible Assets mediated by Firm Size. The research design is causal associative. The study population includes all manufacturing sector companies listed on the Indonesia Stock Exchange from 2017 to 2022. The purposive sampling technique is employed to select a sample of 10 companies from a total population of 165. The data analysis method used is Partial Least Square. The research findings reveal that: (1) Research and Development have a positive and significant influence on Firm Size, (2) Intangible Asset has no significant impact on Firm Size. (3) Research and Development do not affect Firm Value, (4) Intangible Asset has a positive and significant impact on Firm Value, (5) Firm Size has a positive and significant impact on Firm Value, (6) Firm Size mediates the influence of Research and Development on Firm Value, (7) Firm Size does not mediate the influence of Intangible Asset on Firm Value.</span></em></p>