#比特币与代币化黄金对比 Don't get caught up in it. Bitcoin and tokenized gold are not in competition at all.

The data from 2025 is the most convincing. Gold has risen nearly 70%, and Bitcoin has adjusted during liquidity crunches — this isn't about who wins or loses, but about each having its own use case.

**Clear Functional Differences**

Tokenized gold (like XAUT) essentially moves physical gold onto the blockchain. It represents something stable and existing. Holding it adds a "stability anchor" to your assets — low volatility, strong hedging properties, suitable for those who can't handle psychological stress.

Bitcoin is entirely different. It has no physical backing, and its scarcity is created algorithmically. It is inherently ambitious for growth; when liquidity is ample, it can run — suitable for investors willing to accept volatility for asymmetric returns.

**Macro Environment Determines Allocation Strategy**

High risk of economic recession? Concerned about systemic risk? That's when gold-like assets shine — everyone wants that certainty. But if market liquidity starts to recover and risk appetite gradually increases? Bitcoin's resilience becomes evident.

**True Mature Allocation**

It's not about going all-in on one, but about finding a balance between the two based on your risk tolerance and market expectations. Use gold-like products as a ballast, and Bitcoin as a growth driver. One stable, one advancing.

Thinking this way, asset allocation becomes clear — it's not about substitution, but about complementarity. What's missing in your portfolio?