Since its inception,
#比特币 has achieved an investment return rate of approximately 9.2 million times over the past 14 years, while the return rates for
#黄金 and
#标普500 during the same period were 110% and 354%, respectively. According to coinank data, in the short term, the return rate for
#BTC in the past year is 109%, while gold and the S&P 500 are at 41% and 20%, respectively. The extremely high return rate of Bitcoin highlights its disruptive characteristics as an emerging asset. Despite a return rate reaching approximately 9.2 million times over 14 years (far exceeding gold's 110% and the S&P 500's 354%), its high yield is accompanied by a high-risk profile. Data shows that Bitcoin's short-term correlation with the S&P 500 is 0.21, and only 0.09 with gold, indicating its independence from traditional assets, but its volatility is significantly higher than that of gold. For instance, the impressive 109% return in the past year is overshadowed by a maximum drawdown that may exceed 14%, highlighting short-term risks. Gold's robustness is reflected in its safe-haven function, especially during market turmoil, with a low correlation (close to 0) with the stock market and its anti-inflation capability, making it a 'ballast' for investment portfolios. The S&P 500, as a traditional equity asset, offers stable returns but is constrained by high valuations and macro policy risks; institutions like Goldman Sachs have already suggested reducing allocations to US stocks by 2025. We believe that Bitcoin's high returns stem from its supply-demand scarcity (such as the halving mechanism) and the growth dividends during its early technology adoption phase, but one must be cautious of its correlated volatility with tech stocks; gold, on the other hand, supports long-term value with historical credibility and central bank purchases. The complementarity of the two is significant, and a moderate allocation can balance risk and return. For example, BlackRock suggests a 2% allocation to Bitcoin and 5%-10% to gold to balance returns and stability.