The gold token PAXG has recently gained popularity, and the logic behind it is actually not complicated—one PAXG is equivalent to one ounce of gold, and holders can exchange it for physical gold at a 1:1 ratio. This is the so-called RWA (real-world asset tokenization) being implemented in the financial sector.

An interesting phenomenon is that after BTC broke through 120,000 USD in the past two years, the rate of increase began to gradually slow down, while gold outperformed Bitcoin. Many people in the crypto community are rethinking this issue.

Why is this happening?

Firstly, the voice of preaching has noticeably decreased. Once, the crypto space was filled with believers in BTC, but now the screen is full of marketing for various new coins. The retail investors have been cut enough and have developed a high immunity to narratives. In contrast, the story of gold has been deeply ingrained in people's hearts for thousands of years, and the central banks' continuous accumulation over decades is the best endorsement. Central banks around the world are basically hoarding gold, but how many central banks are truly holding BTC on a large scale? This is the gap.

Secondly, it makes sense from the perspective of price increase. Thirty years ago, gold was over 100 yuan per gram, and in recent years it has reached over 400 yuan per gram. This is due to the global rise in prices. Although the total supply of BTC is fixed at 21 million coins and will not be increased, this selling point seems to be less appealing now—various MEME coins claim to have a fixed supply of 1 billion coins. Have these coins increased in price? A constant supply does not equate to a guaranteed price increase; the key is still whether people are willing to promote, build, and create applications.

The last point is very practical: compliance and ease of use. Want to buy gold or sell gold? Cash, card payments, and various channels are all acceptable, with transparent and convenient transaction costs. What about BTC? The threshold is obviously much higher.

So for the crypto world, rather than fixating on promises of a fixed total supply, it's better to focus efforts on real ecological construction and community consensus. Relying solely on technical features is far from enough; we must also enable more people to understand, participate, and trust. This is the source of long-term competitiveness.