A recent book I read — "Parallelism and Competition"

This book was published in 2021, when the real estate market had not yet experienced a nationwide collapse. The author mentions in the preface that he believes, with the strong development of China's manufacturing and industrial strength, the overall economic size has reached a stage where it can rival the United States. Additionally, due to the recent decades of manufacturing hollowing out in the US, a mechanism of global parallel confrontation and cooperation has emerged between the two countries and their respective camps, reflecting the characteristics of the era.

This has implications for our analysis of the current regulatory features of crypto assets and blockchain technology.

One very clear "parallel competition" point is the divergence regarding new financial models. Europe and America are gradually leaning towards enthusiasm for crypto assets and stablecoins, while the East is keen on forming a large camp centered around the Chinese Renminbi and gold for internal settlement.

This broader context helps us understand why gold and Bitcoin are increasingly diverging.