According to ChainCatcher news, Markus Thielen, an analyst at Matrixport, stated that gold prices have repeatedly hit new highs, achieving nearly 80% excess returns relative to Bitcoin over the past year, with remarkable performance in phases.
From a macro perspective, the weakening of the US dollar, asset diversification, and the demand for value-storing assets remain several key lines in the current market. However, in this round of market trends, excess returns have been more concentrated in traditional hedging assets like gold, which corresponds to falling interest rates, declining inflation, and an increasing expectation that the market will turn more dovish on the Federal Reserve in 2026.
Although BlackRock has been strengthening the narrative of Bitcoin as "digital gold" in recent years, central banks around the world still prioritize gold in their reserve asset allocation. Due to its high volatility, exposure, and certain political sensitivities, Bitcoin is currently difficult to be widely included in official reserve assets.
In the medium to long term, the United States