The price of gold has skyrocketed to 4400, while Bitcoin is still fluctuating around 88,000. Many people are starting to wonder if the story of 'digital gold' can continue. In fact, this question is reversed — gold and Bitcoin are not competing on the same track at all.

Let's first look at the logic behind gold. This year, gold prices have risen nearly 70%, marking the best performance in 45 years. However, this increase is driven by factors far beyond traditional safe-haven demand. The real driving force is the global central banks' concerns about the credibility of the dollar credit system. With geopolitical tensions and increasing pressure for reserve diversification, central banks around the world are bringing gold back to their vaults regardless of the cost, which directly leads to a depletion of tradable chips in the market, causing gold prices to surge. In simple terms, what is being bought is not gold itself, but insurance against a "potential restructuring of the world order."

Bitcoin is quite different here. Although it bears the title of 'digital gold', it essentially cannot escape the attribute of being a 'risk asset'. Its correlation with Nasdaq tech stocks is far greater than its correlation with gold. In other words, the rise and fall of Bitcoin is more dependent on the global liquidity environment — when interest rates are lowered and liquidity increases, it rises, and when liquidity tightens, it faces downward pressure. When the market starts to worry about economic recession and liquidity tightening, Bitcoin can easily become the one that gets hit.

This is actually a confrontation between two kinds of value consensus. Gold represents physical consensus, supported by a thousand-year credit system, but the problem lies in its poor liquidity, heavy physical form, and even the risk of counterfeiting. Bitcoin is algorithmic consensus, based on mathematics and code, transparent and verifiable, with strong liquidity and easy portability, making it more in line with the characteristics of the digital age.

From this perspective, gold wins in the current uncertain era, while Bitcoin wins in the possibilities of the future. When gold becomes too expensive to circulate, and humanity fully enters the digital age, the algorithm-based scarcity will truly shine. This is not a replacement relationship, but rather an intergenerational evolution of the value system.

What is your judgment? Will gold continue to soar, or will Bitcoin make a triumphant return?