TechFlow, December 23 — Matrixport released a chart today stating, "Gold prices have repeatedly hit new highs, delivering nearly 80% excess returns relative to Bitcoin over the past year, with particularly strong performance in this phase.
From a macro perspective, dollar weakness, diversified asset allocation, and demand for value storage assets remain key market drivers. However, in this current cycle, excess returns have been more concentrated in traditional hedge assets such as gold, reflecting falling interest rates, lower inflation, and rising market expectations that the Federal Reserve will turn more dovish by 2026.
Similar trends are evident at the central bank level. Although BlackRock has strengthened the narrative of Bitcoin as 'digital gold' in recent years, central banks continue to prioritize gold in their reserve asset allocations. Due to its high volatility, visibility, and certain political sensitivities, Bitcoin remains difficult to include on a large scale in official reserve assets.
Looking ahead over the medium to long term, U.S. policy direction remains the most critical source of uncertainty: The Trump administration could theoretically revalue gold prices, sell part of its gold reserves, or marginally diversify some reserves into Bitcoin. While the likelihood of such scenarios occurring in the short term is low, they could be amplified by the market and become a new focal point of discussion by 2026."
