#比特币与黄金战争 Recently, many traders have been re-examining the asset properties of Bitcoin and gold, and data from 2025 offers a new perspective on this longstanding debate. Gold has performed exceptionally this year—approaching a 70% increase, with prices stabilizing around $4,500 per ounce. The logic behind this is clear: geopolitical uncertainties combined with a rate-cutting cycle are driving institutional and central bank allocations to push prices higher. On the other hand, Bitcoin has been retracing since the beginning of the year, with a decline of about 6%, currently fluctuating between 87k and 90k, showing very clear characteristics of a risk asset.

Interestingly, the market seems to be voting against the label of "digital gold." Originally, everyone thought Bitcoin’s supply was fixed, easily divisible and transferable, and thus should perform well during crises. However, this round, gold directly outperformed, leveraging its thousands of years of metallic properties and consensus to win once again. Bitcoin’s issues have been thoroughly exposed—it is highly sensitive to liquidity environments, essentially carrying the traits of a high-beta tech asset. When the stock market is volatile, it trembles; when institutions withdraw funds, it’s easily sold off.

But from a long-term perspective, Bitcoin’s story is far from over. Continuous institutional adoption and the ongoing inflow into spot ETFs indicate that this trend is still intact. For now, gold is indeed leading. Short-term risk aversion favors gold, while medium-term institutional allocations give Bitcoin a chance. Who will come out on top ultimately depends on how macroeconomic conditions evolve. What are your thoughts on this tug-of-war?