#比特币ETF产品 Recently, I've seen many people asking why Bitcoin has underperformed gold and US stocks this year. To be honest, it's a good question because it touches on the essence most easily overlooked in asset allocation.
Behind prices is the flow of capital energy. Last year, the core driver of US stocks wasn't traditional inflation expectations, but the productivity explosion brought by AI. Every kilowatt-hour of electricity used to train large models in data centers has generated more economic added value in the short term than that spent on hash collision mining. Capital is sensitive and flows toward places with higher returns. Have you noticed that many Bitcoin mining farms are converting to AI computing centers? That's no coincidence.
Gold's strength, meanwhile, reflects another concern—rising geopolitical uncertainty. When the system may face physical-layer risks, what people need is certainty they can hold in their hands, something that doesn't depend on networks. In such times, atomic-level assets often outperform code-based consensus.
But this doesn't mean Bitcoin has been disproven; it's been repriced. It's temporarily yielding ground to the productivity singularity and geopolitical defense needs, bearing time costs rather than directional costs.
What's the lesson for us? In such an environment, the allocation approach for single assets needs adjustment. Don't put all eggs in one basket, and don't be shaken by short-term relative performance. Diversified allocation, regular reviews, and patience—these fundamentals never go out of style in any market environment. In the long term, true wealth comes from understanding the big picture and respecting risk.
#比特币ETF产品 Recently, I've seen many people asking why Bitcoin has underperformed gold and US stocks this year. To be honest, it's a good question because it touches on the essence most easily overlooked in asset allocation.
Behind prices is the flow of capital energy. Last year, the core driver of US stocks wasn't traditional inflation expectations, but the productivity explosion brought by AI. Every kilowatt-hour of electricity used to train large models in data centers has generated more economic added value in the short term than that spent on hash collision mining. Capital is sensitive and flows toward places with higher returns. Have you noticed that many Bitcoin mining farms are converting to AI computing centers? That's no coincidence.
Gold's strength, meanwhile, reflects another concern—rising geopolitical uncertainty. When the system may face physical-layer risks, what people need is certainty they can hold in their hands, something that doesn't depend on networks. In such times, atomic-level assets often outperform code-based consensus.
But this doesn't mean Bitcoin has been disproven; it's been repriced. It's temporarily yielding ground to the productivity singularity and geopolitical defense needs, bearing time costs rather than directional costs.
What's the lesson for us? In such an environment, the allocation approach for single assets needs adjustment. Don't put all eggs in one basket, and don't be shaken by short-term relative performance. Diversified allocation, regular reviews, and patience—these fundamentals never go out of style in any market environment. In the long term, true wealth comes from understanding the big picture and respecting risk.