‘Bitcoin's "Digital Gold" Narrative Questioned Again’ (Author: Hu Feitong) Recently, Bitcoin has continued to decline during periods of 'extreme fear' in market sentiment, while gold has strengthened simultaneously, highlighting the differences in their pricing logic. In recent years, Bitcoin has more often risen and fallen in tandem with tech stocks like Nasdaq, significantly influenced by liquidity and risk appetite; gold, on the other hand, is supported by real interest rates, central bank purchases, and safe-haven demand.