#比特币价格走势 Recently, I've seen people debating why Bitcoin is underperforming gold and US equities, but honestly, it's not that complicated. Simply put, there are three key factors:
First is energy competition. AI chips are consuming an increasingly larger share of global power capacity, and the marginal returns currently exceed mining. You can see it from how many mining operations are converting into computing centers. Capital always chases returns—it flows to wherever yields are higher.
Second, gold's rally is a result of geopolitical hedging. Systemic uncertainty is rising, and sovereign players need assets that don't depend on network infrastructure and can be physically held. While Bitcoin claims to be digital gold, it fundamentally relies on internet infrastructure. In extreme scenarios, atomic-level assets carry more conviction.
Third is the ETF effect. Bitcoin's entry into traditional asset allocation domesticated it—volatility has been smoothed out, making it more like a high-beta tech index. Under the Federal Reserve's high interest rate regime, it naturally gets suppressed.
Don't rush to despair. This isn't Bitcoin being disproven; it's being repriced. Right now it's trading on time costs rather than directional costs. Once AI's marginal efficiency declines and liquidity continues to overflow, Bitcoin's role as a cross-cycle liquidity vehicle will shine again. Until then, rather than stubbornly holding large assets with fewer airdrop opportunities, why not find interaction windows with new projects? Lower costs, more opportunities, and time is on our side.
#比特币价格走势 Recently, I've seen people debating why Bitcoin is underperforming gold and US equities, but honestly, it's not that complicated. Simply put, there are three key factors:
First is energy competition. AI chips are consuming an increasingly larger share of global power capacity, and the marginal returns currently exceed mining. You can see it from how many mining operations are converting into computing centers. Capital always chases returns—it flows to wherever yields are higher.
Second, gold's rally is a result of geopolitical hedging. Systemic uncertainty is rising, and sovereign players need assets that don't depend on network infrastructure and can be physically held. While Bitcoin claims to be digital gold, it fundamentally relies on internet infrastructure. In extreme scenarios, atomic-level assets carry more conviction.
Third is the ETF effect. Bitcoin's entry into traditional asset allocation domesticated it—volatility has been smoothed out, making it more like a high-beta tech index. Under the Federal Reserve's high interest rate regime, it naturally gets suppressed.
Don't rush to despair. This isn't Bitcoin being disproven; it's being repriced. Right now it's trading on time costs rather than directional costs. Once AI's marginal efficiency declines and liquidity continues to overflow, Bitcoin's role as a cross-cycle liquidity vehicle will shine again. Until then, rather than stubbornly holding large assets with fewer airdrop opportunities, why not find interaction windows with new projects? Lower costs, more opportunities, and time is on our side.