#比特币价格走势 Recently, some people have been debating why Bitcoin underperforms compared to gold and US stocks. Actually, it's not that complicated. There are three main reasons:

First is energy competition. AI chips are consuming an increasing share of global electricity, and the marginal returns have temporarily surpassed mining. You can see many mining farms are converting into computing power centers. Capital always seeks profit, flowing toward the higher-yielding side.

Second is that the recent rise in gold is a result of geopolitical hedging. Systemic uncertainty is increasing, and sovereign players need assets that are not dependent on networks and can be held securely. While Bitcoin is touted as digital gold, it fundamentally relies on internet infrastructure, and in extreme situations, atomic-level assets are more convincing.

Third is the impact of ETFs. After Bitcoin entered traditional asset allocation, it has been domesticated, and its volatility has been smoothed out. It now behaves more like a high-beta tech index, naturally locked in under the Federal Reserve's high-interest rate suppression.

Don't rush to be pessimistic. This isn't Bitcoin being discredited, but rather being re-priced. It is now factoring in time costs rather than directional costs. Once AI marginal efficiency declines and liquidity continues to spill over, Bitcoin's role as a cross-cycle liquidity carrier will shine again. Until then, instead of clinging to large assets with fewer airdrop opportunities, it's better to seek interaction windows with new projects. Low cost, many opportunities, and time is on our side.