#比特币宏观资产属性 When I saw this news, I was reminded of the wave of the "End of the Dollar" theory in 2011. Back then, some people loudly proclaimed that dollar hegemony was over and that gold would skyrocket. But what happened? The resilience of the dollar over more than a decade taught everyone what "the coffin isn't nailed shut" really means.

But this time, there’s definitely a different flavor. Gold has risen 20% annually, and silver 64%. This isn’t hype; it’s institutional backing. The analysis from GlobalData hits the nail on the head — the shift from "Dollar-Centric" to "Multipolarization" is already happening, just at a slower pace than many expected. The gains in precious metals reflect real allocation needs, not emotional speculation.

What surprised me a bit was Bitcoin’s relative lag. A correction from $90,000 to $126,000 isn’t unfamiliar in this cycle, but the timing is a bit awkward. Logically, if the dollar system is truly under structural pressure, Bitcoin as a "borderless asset" should be the first choice. Instead, precious metals are ahead, indicating that institutions are still operating under the "traditional safe-haven" logic.

This is the key — when gold and silver are still "catching up," Bitcoin’s valuation indeed appears cheap. Like those historically lagging moments, it often signals a turning point. Whether the Federal Reserve continues to cut rates in 2026 or the dollar continues to depreciate is uncertain, but what’s clear is that when everyone’s eyes are on gold, another asset class might be brewing an opportunity.

This pattern repeats every few years. The difference is, this time, more participants are involved, and the market is more mature. What we need to see clearly is who is just riding the wave of hype and who is genuinely allocating.