Opinion: BTC could have been a competitor to gold, but its recent significant pullback is due to excessive speculation.

PANews, October 19 - According to Caixin, Shao Xiang, a macro analyst at Minsheng Securities, stated that Bitcoin could have been an important competitor to gold in the fiat currency era, but its speculative nature is still too strong, leading to a significant recent pullback. Bloomberg investment columnist John Authers pointed out that there has been a clear difference in the performance of gold and Bitcoin during the last two periods of market tension (one in April and the other in recent days), where gold prices remained stable or even increased while Bitcoin fell sharply. This indicates that during risk events, the market still categorizes Bitcoin as a “risk asset,” while gold is viewed as a “safe haven asset.”