#比特币对比代币化黄金 , to be honest, both gold tokenization and $BTC in the RWA sector are quite interesting—both can serve as value storage tools.

However, I have a perspective: when it comes to gold, you really feel more secure holding it physically. Those fractionalized tokens? Frankly, they’re more like speculative assets—after all, there’s no real value transfer happening behind the scenes. In this regard, $BTC is on a completely different level. The instant transfer and peer-to-peer settlement capabilities of Bitcoin, for example, are something tokenized gold simply can’t match.

That said, traditionally buying gold has to be done through centralized institutions, which is not only cumbersome but also makes liquidation troublesome. The advantage of tokenization may lie here—this “electronic certificate” can be transferred to others at any time, which does improve liquidity. But the question is, does this convenience truly make up for the lack of a “decentralized value transfer” attribute?

I tend to think that gold tokens are more suitable for short-term arbitrage, while long-term holding still favors physical gold. Meanwhile, $BTC is designed for the value internet in the first place, so the two aren’t even in the same category.