This year's gold prices surged by 70%, reaching a high not seen in 50 years. Meanwhile, Bitcoin has fallen by 10%. Many people conclude: "Digital gold" story might really be over.

But this judgment actually reflects a deeper market truth. When traditional safe-haven assets suddenly become so popular, it is actually sending a clear signal — global confidence in the existing monetary system is collapsing.

Imagine capital flows like a tide. The tide always first rushes into the most familiar and conservative basins, which is why gold breaks out at this moment. But the ultimate direction of the tide always points toward more efficient and more liquid containers. The underlying logic of Bitcoin as a "currency substitute" has not changed; instead, against the backdrop of global monetary expansion, its scarcity value is periodically reaching new heights.

What you see is the current price volatility. What truly matters is Bitcoin's relative position in global asset allocation — it is rising in every cycle. This is not a technical issue but a macro capital re-pricing process.

The breakout of gold, in a sense, is providing "credit endorsement" for Bitcoin's store of value narrative. When even the most conservative investors start betting on asset safe-haven, it indicates a genuine trust crisis has occurred. And when traditional safe-haven tools complete their mission, capital will inevitably seek the next more efficient exit.

Short-term chip battles are not important. What matters is to recognize the essence of this wave of capital restructuring — it is a vote of no confidence in the traditional monetary system, and Bitcoin stands at the end of this vote.