[Opinion: BTC Could Have Been a Competitor to Gold, Recent Significant Pullback Due to Excessive Speculation] According to a report by Caixin, Shao Xiang, a macro analyst at Minsheng Securities, stated that Bitcoin could have been an important competitor to gold in the fiat currency era. However, its excessive speculative nature has led to a recent significant pullback. Bloomberg investment columnist John Authers pointed out that during the last two periods of market tension (one in April and the other in recent days), there has been a clear difference in the performance of gold and Bitcoin. During these periods, gold prices remained stable or even rose, while Bitcoin experienced sharp declines. This indicates that during risk events, the market still categorizes Bitcoin as a "risk asset," whereas gold is regarded as a "safe-haven asset.