Gold hits a new high of $4420 per ounce, with central banks around the world continuously increasing their holdings, and global safe-haven funds flocking in. On one side, traditional hard currencies build defenses based on a millennia-old consensus; on the other side, digital assets like Bitcoin are opening new battlegrounds through decentralization and algorithmic scarcity.

The competitive landscape between the two is becoming increasingly clear. Physical gold is backed by central banks and recognized historically, with ETF inflows continuously pouring in, making it a safe defensive choice. Digital assets, on the other hand, leverage technology—cross-border transfers in seconds, no physical limitations, and a fixed supply. Tokenized gold attempts to combine the best of both worlds, but can it truly shake up the spot market?

This year, the allocation ratio between digital assets and gold has decreased by 50%, indicating that the market is reassessing the value of these two asset classes. But this is not the end. From an allocation perspective, traditional investors value the certainty of gold, while those interested in crypto assets look forward to long-term gains driven by technological innovation. The question is—does your investment portfolio prioritize immediate safe-haven assets, or do you gamble on long-term technological dividends?