Gold prices hit a new all-time high, and many are cheering, but this may require a cool-headed review. Historical experience tells us that a sudden surge in gold often is not a sign of prosperity, but an alarm signaling deep-seated economic problems surfacing.

The current "three bombs" in front of us deserve serious attention.

**First, debt pressure**. U.S. national debt has surpassed $38.5 trillion, with annual interest payments alone enough to impose a heavy burden on fiscal policy. The question is, how long can such a debt scale be sustained?

**Second, market structure imbalance**. About one-third of the S&P 500 index's weight is concentrated in seven tech giants. If the AI narrative shifts, this highly concentrated structure could collapse instantly.

**Third, trust rebuilding**. Global central banks are purchasing gold at a rate of 1,000 tons per year—an act of losing confidence in the dollar's credit. Countries buy gold to diversify risk, reflecting concerns over the stability of the traditional system.

The crazy rise in gold essentially signals that the old system is under pressure.

**What to do?** Instead of chasing gold prices higher and going all-in, it's time to rethink asset allocation. True hedging isn't about betting on a single asset but about proactively allocating assets with resistance to censorship, decentralization, and transparent rules—this is precisely the new positioning of cryptocurrencies in this era.

Now, the question becomes more interesting: when traditional safe-haven assets sound the alarm, what role will cryptocurrencies play? Will they become a safe harbor for funds flowing out of the traditional system? Or continue as high-volatility risk assets? Or independently develop their own market logic? This is worth deep reflection for every participant.