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Bitcoin wants to become a reserve asset for central banks, but the reality is clear—its capacity is still far from enough.
If it were large economies like China, Russia, or the European Union, they would have already offloaded 2-3 trillion USD worth of US bonds and moved into gold. After all, gold has a market value of 20 trillion USD, and such large-scale capital inflows and outflows can be fully absorbed. But what about Bitcoin? With a market cap of 2 trillion USD, this size clearly cannot handle such volume.
It is precisely because of this that last year, gold became the main choice for "great powers to move away from the US dollar"—which can be seen as a micro-strategic adjustment for gold.
Interestingly, gold vs. Bitcoin is not a binary choice. Under the trend of asset diversification, the two are likely to be viewed as complementary rather than competitive. As the market develops, you will see these two asset classes each occupying their own position in central bank asset allocations.
Gold is the real favorite of the big players; its stability is right there.
But in the long run, the two should coexist, anyway I hold both without selling.
This time, the central bank's structure has indeed upgraded, no longer an either-or situation.
To put it simply, until the capacity issue is resolved, Bitcoin still needs to continue its cultivation.
Honestly, a complementary relationship sounds more realistic; you can't put all your eggs in one basket.
Gold is a steady old friend, while Bitcoin still has to grow up.
With such a huge disparity in market value, no wonder countries are hoarding gold, and BTC still needs to wait.
Both are needed; choose the best, and that's the game that great nations should play.
I'm just worried that BTC might be overhyped and ultimately won't become a proper reserve asset.
Central banks might really be pondering how to balance their allocations, but the proportions are too skewed.
Gold is a game for old money, while Bitcoin is still in the story of young people.