The competition between gold and Bitcoin essentially reflects the value contest between the traditional financial system and digital assets.

In terms of safe-haven properties, both have their strengths. Gold is backed by central bank reserves and centuries of historical recognition, performing steadily during geopolitical risks and US dollar devaluation periods. It represents a time-tested store of value, with relatively moderate volatility, attracting conservative investors.

Bitcoin, on the other hand, takes a different path. It is not backed by physical assets but establishes true scarcity through cryptography and decentralized networks—capped at 21 million coins. Interestingly, Bitcoin's supply rigidity even surpasses that of gold, which still has new mining each year. As macro liquidity environments change, Bitcoin's correlation with traditional stock markets (such as Nasdaq) weakens, and more institutions are incorporating it into multi-asset portfolios rather than viewing it solely as a speculative tool.

However, frankly, volatility remains Bitcoin's Achilles' heel. This high volatility brings both opportunities and risks—in extreme tail events, gold acts more like a shield, while Bitcoin resembles a leveraged sword. This requires substantial risk tolerance.

From another perspective, this is not a replacement but a complement. Gold guards the accumulated wealth of the past, while Bitcoin explores the form of value in the digital age. Both provide investors with different dimensions of risk hedging tools—it's just a matter of how to balance them reasonably within one's asset allocation.