📊 Differences in pricing logic between Bitcoin and gold

Ta Kung Pao reported that Bitcoin and gold prices have recently diverged to a certain extent. Bitcoin is called "digital gold", but its pricing logic is different from gold. 💡

Supply constraints: Bitcoin's supply constraints are more stringent, the circulating supply is close to the upper limit, and future supply increments are limited. Gold supply is relatively loose.

Risk preference: Bitcoin is a risk-chasing asset most of the time, while gold is a risk-averse asset. Gold's safe-haven properties are better than Bitcoin's.

Monetary attributes: Gold has a long history as currency. Bitcoin’s monetary attributes require more endorsements from government departments and verification over time.

Financial attributes: Gold maintains a high and stable negative correlation with actual U.S. bond interest rates, while Bitcoin has a weak correlation with U.S. bond interest rates.

Return-risk characteristics: Bitcoin has the characteristics of "high return + high risk + high Sharpe + low correlation", which can theoretically improve the performance of investment portfolios.

The recent divergence of gold and Bitcoin prices is mainly affected by Trump's series of policy directions, including changes in the geopolitical situation and U.S. policy support for cryptocurrency.