Recently, an article on Rabbit Hole caught my interest, discussing the demise of the Bitcoin narrative. As shown in the chart, the black line represents the ratio of BTC to gold prices, and the red line indicates the number of times the "digital gold" narrative about Bitcoin has been mentioned.

The author believes that over the past many years, whenever Bitcoin experienced a surge, the mentions of digital gold also increased. However, in the past year, these two indicators have become uncorrelated, leading to the conclusion that the digital gold narrative no longer attracts buyers, and Bitcoin is doomed.
What the author may not realize is that this seemingly correlated curve actually has no logical connection. Bitcoin went up, so the mentions of digital gold increased, not the other way around—more mentions didn't cause the rise.
The recent surge in gold prices over the past year was entirely due to geopolitical factors, with major Eastern countries buying in. When Western countries start buying BTC for the same reasons, the surge will be even more insane. Besides BTC, no other asset is better suited to represent Western values and interests. To some extent, the competition between China and the US can also be reflected in the rivalry between gold and Bitcoin.
Therefore, in this chaotic world, holding some RMB assets with a bit of Bitcoin, or holding USD assets with some gold, are both good ways to hedge risks.