The 2025 investment market has staged a fierce clash between old and new assets. On one side is gold, which has surged up to 70% this year and broken through $4,450 per ounce; on the other side is Bitcoin, which has fallen from $126,000 to $80,000, a decline of about 6% year-to-date. The outcome of this contest is already clearly visible in market data.

Why can gold still smile at the end? Its millennia-long history is its confidence. Central banks worldwide continue to increase their holdings, it rises counter to geopolitical conflicts, and its annualized volatility is only 15%—these numbers hide the hard strength of gold as the ultimate safe haven. The liquidity and cash-out ability of banks and jewelry stores make it a true safe harbor in turbulent times. When Trump’s tariff policies triggered market chaos, causing Bitcoin to plummet 17% in a single day and $19.1 billion in market value to evaporate, gold instead rose steadily by 1.58%. This is not coincidence but a market vote with real gold and silver—the ironclad rule of "buy gold in chaotic times" is once again validated. Gold’s value does not require any institutional endorsement; its physical scarcity and global consensus weave a protective net around it.

Bitcoin’s story, however, is quite different. With an annualized volatility exceeding 80% and daily liquidation amounts often reaching billions of dollars, it appears on the surface to be algorithmically scarce but is essentially a high-leverage gambling casino. It has neither caught the safe-haven wave nor ridden the AI boom. Lacking support from sovereign-level buyers, it fully exposes its risk properties when capital withdraws. Increasing data shows that Bitcoin is more correlated with tech stocks than with safe-haven assets. The once-glowing halo of "digital gold" has faded—behind the continuous outflow of institutional funds is a calm market recognition of its true nature: it has always been a speculative asset, never a safe harbor.

What is the essence of this showdown? It’s "certainty" versus "gambling." Gold is the anchor of asset allocation; the higher its proportion, the more stable the portfolio. Bitcoin, on the other hand, is like a roller coaster—once its share exceeds 2.5%, it amplifies overall risk. The flow of funds in 2025 best illustrates this: gold ETFs attracted $16.6 billion, while Bitcoin experienced a withdrawal of hundreds of millions. The answer is written on the candlestick charts.

Ultimately, investment decisions come down to personal choice: whether to pursue steady long-term wealth accumulation or to chase that adrenaline rush. Different answers lead to different asset allocations.