#比特币与黄金战争 Bitcoin and gold may seem like safe-haven assets, but their gameplay is completely different.

Bitcoin is essentially a speculative asset; its pulse is market liquidity. Once liquidity dries up, it becomes silent. To say it can replace currency? That’s already a joke. What can truly shake the status of currency are stablecoins—because they are backed 1:1 by fiat currency. In comparison, Bitcoin is more like a masterpiece painting, scarce and supported by consensus.

Gold is different. Usually, it is controlled by the US dollar; when the dollar appreciates, gold depreciates, and when the dollar weakens, gold rises—this is the conventional logic of precious metals. But once the international trust system collapses, the situation reverses. At that moment, gold shifts from a commodity to a strategic hard currency, and the US dollar’s dominance begins to loosen.

The current problem is clear: the US dollar liquidity crisis is imminent, and the Federal Reserve’s forced rate cuts have shown no results. In this environment, Bitcoin is unlikely to perform well; it has to wait until the economy truly improves.

Strangely, if the economy improves, international conflicts may ease, and gold could actually fall. The most terrifying scenario? An economic crisis erupts. At that time, gold will have a tempting correction, but Bitcoin will be very difficult to watch throughout the entire crisis cycle.