The main theme of alternative assets in 2025 is actually very simple—people's confidence in the traditional fiat currency system is collapsing.

Gold's recent rally has been spectacular. At the beginning of the year, it was $2,600 per ounce, and by the end of the year, it had surpassed $4,300, an increase of nearly 70%. Central banks worldwide, especially BRICS countries, have reached new highs in gold purchases. Why? Mainly because the US has turned financial sanctions into a routine weapon, and countries' central banks are seriously considering "de-dollarization." The US's fiscal deficit problem has become irreversible. Against this backdrop, gold has become the most scarce asset—an asset with no counterparty. It is the strongest tool to hedge against dollar credit risk. The volatility in Syria and the shadow of trade wars have further strengthened gold's safe-haven halo.

The story of cryptocurrencies is much more complex. In the first half of the year, Trump promised during his campaign to establish a "National Bitcoin Strategic Reserve," which drove BTC to a new all-time high, reaching $126,000 on October 6. But the good times didn't last long. In mid-October, when Trump announced a 100% tariff on Chinese goods, market risk appetite plummeted. Bitcoin responded with a sharp decline, with astonishing drops within just a few weeks. At its worst, $19 billion worth of contracts were liquidated in a single day. The price even briefly fell below $100,000. This fully demonstrates one point: Bitcoin is ultimately a high-beta asset with obvious risk characteristics.