#比特币价格走势 Recently, many people have been discussing why Bitcoin has underperformed gold and US stocks this year. I want to use a simple analogy to help understand the underlying logic.

Imagine three different "hedging tools" competing for global capital favor. US stocks represent a productivity revolution; the economic value generated by AI computing centers per unit of electricity temporarily surpasses the returns from mining. This is a very real arbitrage issue. Gold represents "atomic certainty" in extreme uncertainty—it doesn't require a network, doesn't depend on any system, and can be held in hand or stored in a cave. When geopolitical risks intensify, this physical property becomes especially valuable. Although Bitcoin has a strong consensus foundation, it is currently more domesticated within traditional asset allocation frameworks, with its volatility smoothed out and explosive potential suppressed.

This is not Bitcoin being discredited, but being re-priced. It now bears the cost of time rather than direction. Most importantly, we should not get lost in short-term fluctuations. Asset differentiation precisely highlights the importance of position management—no asset can always lead forever. Diversification is the key to long-term gains. When the marginal efficiency of AI declines and liquidity patterns change again, each asset will find its own place. Maintaining a steady mindset is the hardest but also the most worthwhile.