Recently, an article on Rabbit Hole caught my attention—it talks about the collapse of the Bitcoin narrative. As shown in the chart, the black line represents the ratio of BTC to gold prices, and the red line shows how often Bitcoin's biggest narrative—'digital gold'—is mentioned. The author argues that over the years, whenever Bitcoin surged, mentions of 'digital gold' also increased. But over the past year, these two metrics have become unrelated. The conclusion? The 'digital gold' narrative no longer attracts buyers, and Bitcoin is doomed. However, what the author might not realize is that these seemingly correlated curves actually lack logical connection. Bitcoin goes up, so more people shout 'digital gold,' not the other way around. The gold surge over the past year was entirely driven by geopolitical factors, with Eastern powers buying it up. When Western powers someday start buying BTC for similar reasons, the surge will be even crazier. There’s no other asset in the world besides BTC that better represents Western values and interests. To some extent, the competition between China and the U.S. can also be reflected in the competition between gold and Bitcoin. So, in this chaotic world, holding some Bitcoin alongside RMB assets, or some gold alongside USD assets, is a great way to hedge risks.