Recently, I noticed an interesting phenomenon—gold is soaring while Bitcoin is somewhat sluggish, a stark contrast like ice and fire. Many still recite the mantra of "digital gold," but the market reality is: this is not resonance, but a direct confrontation between traditional safe-haven assets and emerging risk assets.

Looking closely at the logic, it's actually quite clear. Behind gold's rise is a global central bank "vote" with real money—de-dollarization and true safe-haven demand. Although Bitcoin has a strong reputation, currently it is more of a risk asset driven by liquidity. Once the funding environment tightens, it naturally falls behind.

What would large funds choose in panic? They would still rush headlong into gold, this ancient reliable asset spanning thousands of years. Bitcoin's high volatility becomes a disadvantage in such times. History also confirms this—gold prices and coin prices are not tightly linked; relying on "gold rising means I can follow and surge" for allocation often leads to losses.

Ultimately, the key is to understand your own needs. In asset allocation, do you want the stability of a "ballast" or the high-yield potential of a "surfboard"? The underlying logic of these two is completely different. Understanding this is essential for crafting grounded strategies.