[Opinion: Tether's Purchase of Gold is a Strategic Treasury Decision, Bitcoin and Gold Can Complement and Coexist] QCP Group's Head of Trading, Ivan Lee, stated that Tether's large-scale purchase of gold is a strategic treasury decision, rather than a satire on the 'digital gold' narrative. Gold, as the most widely accepted non-sovereign reserve asset globally, can complement Bitcoin: it reduces correlation with crypto liquidity cycles while hedging against regulatory shocks or sudden deleveraging, which are crypto-specific tail risks. Ivan pointed out that Tether has accumulated approximately 130 tons of gold, with its purchases in the fourth quarter of last year accounting for 10% of central banks' gold demand during the same period. Bitcoin behaves as a high-beta risk asset during tightening periods and exhibits gold-like properties during monetary expansion. Investors can balance both: gold for hedging short-term crises and liquidity pressures, and Bitcoin for hedging long-term policy risks and currency devaluation. However, allocation size and risk control should be set based on their respective drawdown characteristics.