Matrixport: In this round of risk-hedging, gold has the upper hand, and Bitcoin is difficult to be widely included as an official reserve asset.

According to ChainCatcher news, Markus Thielen, an analyst at Matrixport, stated that gold prices have reached new highs, achieving nearly 80% excess returns relative to Bitcoin over the past year, with particularly outstanding performance in certain phases. From a macro perspective, the weakening of the dollar, diversified asset allocation, and the demand for value-storing assets remain several key themes in the current market. However, in this round of market movements, excess returns have been more concentrated in traditional hedging assets like gold, corresponding to the decline in interest rates, lower inflation, and the market's warming expectations of the Federal Reserve turning more dovish in 2026. Despite BlackRock's continuous reinforcement of the narrative that Bitcoin is “digital gold” in recent years, central banks around the world still primarily rely on gold for reserve asset allocation. Due to its high volatility, high exposure, and certain political sensitivities, Bitcoin is currently difficult to be widely incorporated into official reserve assets. From a medium to long-term perspective, the direction of U.S. policy remains the most critical uncertain factor: the Trump administration may theoretically choose to re-evaluate gold prices, sell off some reserves, or marginally diversify part of the reserves into Bitcoin.