In 2025, Bitcoin underperformed compared to gold and US stocks, drawing market attention. Crypto KOL XinGPT analyzed that the explosion of AI generative artificial intelligence has抢夺 the global electricity and computing resources, with the marginal收益 of each kilowatt-hour used for AI training temporarily surpassing Bitcoin mining; gold, on the other hand, provides "atomic-level certainty" due to geopolitical uncertainties; and the widespread adoption of Bitcoin ETFs has also led to its volatility being smoothed out. He believes that when AI's marginal efficiency declines and capital liquidity continues to spill over, Bitcoin will once again become a cross-cycle liquidity value carrier.

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