In recent years, there has been a perennial topic in the market—who is more resilient to risks, gold or Bitcoin?

On the surface, both seem to be doing the same thing: helping investors weather crises. But a closer look at the fundamentals reveals that their underlying logic is completely different.

The story of gold is long. For thousands of years, it has sat in central bank vaults, representing the guarantee of national credit. Whenever geopolitical conflicts intensify, trade frictions escalate, or U.S. debt risks emerge, gold quietly appreciates. Its fluctuations are as steady as a mountain range, and this stability comes from a simple fact: the total amount of gold worldwide is fixed, and the cost of mining is high enough that no one can create it out of thin air. Coupled with its important role in international settlements, gold has almost become the embodiment of "trust itself."

What about Bitcoin? It has no physical form, not even backing from a central bank. But this is actually its advantage. Because it exists in the code world, it inherently possesses censorship resistance—no institution can freeze your Bitcoin. This trait can be invaluable in certain extreme scenarios.

Speaking of scarcity, Bitcoin’s design is even more ruthless—it will always have only 21 million coins, a number written into the code that cannot be changed. While gold is also scarce, it can theoretically continue to be mined. When global liquidity becomes extremely tight, Bitcoin’s fixed supply cap makes it especially precious.

However, there is a fatal shortcoming of Bitcoin: volatility. Its price swings like a roller coaster—up 20% in a day, down 20% the next. This is a nightmare for investors seeking stable allocations. Gold, on the other hand, has decades of historical data showing how steady it is.

When it comes to extreme risks, their roles differ as well. Gold is a shield—it silently absorbs shocks. Bitcoin is more like an adventure—perhaps it can turn the tide in your favor, or perhaps it will lead to heavy losses.

Ultimately, this is not a choice of one or the other. Gold guards the values of the past, representing thousands of years of credit accumulation. Bitcoin is pioneering the future, challenging our understanding of "trust" in a whole new way. The wise approach is to allocate a portion of your assets to both. One is a time-tested insurance policy, the other a bet on the future. Two forms of insurance are more reliable than betting everything on a single one.