ChainCatcher reports, according to Matrixport analyst Markus Thielen, gold prices have repeatedly hit new highs, achieving nearly 80% excess returns relative to Bitcoin over the past year, with notably strong performance during this period.
In this market cycle, excess returns have been more concentrated in traditional hedging assets like gold, driven by declining interest rates, lower inflation, and increased market expectations for the Federal Reserve to adopt a more dovish stance by 2026.
Despite BlackRock’s recent efforts to strengthen the narrative of Bitcoin as “digital gold,” central banks worldwide continue to prioritize gold in their reserve asset allocations. Due to its high volatility, high exposure, and certain political sensitivities, Bitcoin is currently difficult to incorporate into official reserve assets on a large scale.
In the medium to long term, U.S. policy direction remains the most critical uncertainty: the Trump administration could theoretically choose to revalue gold prices, sell off some reserves, or marginally diversify a portion of reserves into Bitcoin.
