#比特币与黄金战争 A recent interesting topic has exploded in the financial circle—should the US gold reserves be revalued from book value to market price? It seems like an accounting issue, but it could actually have a heavyweight impact on the global asset landscape.

Let's first look at some data. The US currently holds about 261.5 million ounces of gold, still recorded at the 1973 price of $42.22 per ounce, totaling only $11 billion. But at today's market price, gold is close to $4,500 per ounce, making the actual value of this gold over $1.17 trillion. In other words, there's an astronomical potential value lurking on the US balance sheet.

From a macro perspective, in an era of exploding US debt and tight fiscal space, revaluing gold may not generate cash out of thin air, but it can make the government's asset sheet look better, in theory unlocking more policy space. Historically, the US did something similar in the 1970s.

If this move is actually made, the chain might look like this:

**First is the signaling effect**—implying that the US is re-evaluating the true purchasing power of its fiat currency. This could stimulate reallocation demands toward gold, hard assets, and those that do not rely on sovereign credit.

**Second is the liquidity aspect**—expanding the asset sheet will change market expectations for medium- to long-term liquidity, prompting investors to recalculate.

**Finally, asset price adjustment**—the relative valuation of non-sovereign, decentralized assets (like cryptocurrencies) will be re-examined. What role can these assets play in the new monetary system story?

To clarify, this is not a direct liquidity injection operation. But the expectation of balance sheet improvement and the release of policy signals can have a profound impact on the long-term allocation logic of hard assets and crypto assets. The crypto market is particularly sensitive to such macro narratives, often translating into capital flows and risk appetite fluctuations. This area is definitely worth ongoing attention. $BTC