#比特币相对表现与市场现象 Recently, many people have been asking: why does Bitcoin underperform US stocks and gold in 2025? This is a good question because it touches on the deepest logic of current asset allocation.

On the surface, it’s a price comparison, but at a deeper level, it’s actually about the flow of energy. Imagine the global electricity and capital as flowing rivers; over the past decade, they have been continuously flowing into Bitcoin mining. But now? Generative AI has emerged — this competitor generates economic value per unit of electricity, temporarily surpassing the returns from hash collisions. Capital seeks profit; when the growth curve of silicon-based intelligence becomes steeper, liquidity naturally flows in that direction. Have you noticed that more and more Bitcoin mining farms are turning into AI computing centers?

The strong performance of gold reflects another kind of anxiety — geopolitical uncertainties make sovereign players need an asset that is "not dependent on the internet and can be held in hand to verify." In comparison, Bitcoin, which is decentralized, still heavily relies on internet infrastructure.

But this is not Bitcoin being discredited; it is being re-priced. It is now accumulating, waiting — waiting for AI’s marginal efficiency to decline, waiting for the moment when liquidity overflows again. If the cycle is long enough, those who can see clearly will never be shaken by short-term divergence.