Investment guru Howard Marks's recent remarks have once again stirred the market—he straightforwardly stated that gold does not generate cash flow and its valuation is essentially a collective illusion. These words caused a buzz online.

Thinking carefully, his logic indeed hits the core. Traditional safe-haven assets, even in times of real crisis, can still face liquidity crises and price plunges. Seemingly solid "fortresses" are nothing more than illusions.

But here’s an interesting twist—global central banks are疯狂买入黄金, with gold prices rising by 7% this year. This appears contradictory, but it precisely reveals a truth: the value of any asset, ultimately, is built on consensus. There is no absolute store-of-value myth, only a relative game of confidence.

This logic is very similar to the essence of the crypto market. When the "Emperor's New Clothes" of traditional finance begin to show flaws, capital will inevitably seek more transparent, cash-flow-backed, and globally liquid alternatives. Bitcoin’s on-chain mechanisms, transparency of rules, and cross-border liquidity are building a brand new valuation logic.

When the old narrative framework begins to crack, it is often also the moment when new assets shine. When the myth of gold is shattered, where will you turn your gaze?