Since the beginning of this year, gold has been in a league of its own—amid trade frictions, fluctuations in US bonds, and geopolitical tensions, gold has significantly outperformed Bitcoin, the Nasdaq, and all mainstream asset classes, with calls for the "return of the king" resurfacing, and its price increase has exceeded 50% this year. In contrast, Bitcoin, which has gradually gained a safe-haven attribute in recent years, has only increased by about 15%. This obvious phenomenon of divergence has sparked heated discussions in the market about "why is gold strong while Bitcoin is weak?" and "is Bitcoin still worth investing in?" By carefully analyzing the historical pricing patterns and buying logic of gold, we still firmly believe that Bitcoin, as an emerging safe-haven tool in the digital age, is currently undergoing a historical phase of "safe-haven + risk duality." In the long run, Bitcoin's uniqueness and rarity imply that it has significant long-term allocation value, similar to gold; while the current low allocation of Bitcoin in global investment portfolios indicates a higher leverage and return potential. This article presents a Q&A format, focusing on the evolution of safe-haven logic, gold and Bitcoin.

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