#比特币与黄金战争 Which is more valuable, gold or Bitcoin? This question has become popular again this year. The data is clear: gold has had a fierce rally this year, with an increase of over 70%, reaching a historic high of $4,500 per ounce, and silver has also surged in tandem. In contrast, BTC has fallen back from its peak at the beginning of the year to around 87k, showing a lackluster performance. Many people are starting to downplay the "digital gold" concept, but the situation isn't that absolute.

Why has gold been so strong this year? The main drivers are clear—global geopolitical tensions, persistent inflation concerns, central banks around the world buying gold, and the US dollar also depreciating. These traditional safe-haven factors stacking up naturally make physical assets more attractive. Bitcoin, on the other hand, is different; it’s more like a risk asset, closely related to the stock market and liquidity. Recently, institutional ETF outflows and large investors reducing their holdings have pushed liquidity to the bottom, causing prices to become locked in.

The BTC/gold ratio has already fallen to around 20 ounces, touching multi-year lows. But history often plays out this way: asset differentiation leads first, followed by rotation—gold leads for a while, then popularity and capital shift to BTC, resulting in those eye-catching surges.

In the short term, gold may still have the advantage. However, looking at the longer timeline, Bitcoin’s scarcity, increasing institutional recognition, and the innovative potential brought by its digital nature all point to greater imagination. Markets always go through cycles; the key is not to rush but to wait for that critical point to appear.

How do you see the competition in 2026 playing out?