#BTC对标贵金属的竞争格局 Many people compare Bitcoin to gold, but frankly, the relationship between the two is not that simple. In the long run, they are indeed not closely linked, but in the short term, they are often driven by the same narrative. In the early stages of a loose monetary policy, both tend to rise — at this point, everyone is looking for ways to hedge and appreciate value. But when the real test comes, such as interest rate hikes or strict regulations, gold often remains as stable as a rock, while $BTC begins to experience a roller coaster ride. Why is that? The core difference lies here: gold is a traditional safe-haven asset, favored by central banks, backed by thousands of years of trust; while Bitcoin, although it claims to be a safe haven, is fundamentally a risk asset, with a strong technological attribute that cannot tolerate policy fluctuations. To put it bluntly, the two are not in a substitutive relationship; rather, they are complementary — in different market environments, they can play their respective roles, and when combined, they can balance fluctuations. This is why professional investors often grasp both sides.