【Research: Bitcoin has not yet fully replaced gold as a value storage tool】 According to Golden Finance, the latest academic research shows that although Bitcoin is often referred to as "digital gold" and has characteristics of scarcity and decentralization, it has not yet fully replaced gold as a value storage tool. The study found that Bitcoin exhibits high volatility, which is inconsistent with the behavior of traditional safe-haven assets, and is more similar to speculative assets. Andrew Urquhart, a professor of finance at Birmingham Business School, pointed out that while Bitcoin may outperform gold as a risk hedging tool in the short term, it lacks the historical record, stability, and crisis-tested resilience that gold possesses. With increasing institutional investment and market maturity, Bitcoin may gradually develop into an asset more similar to gold, but currently, the two are more complementary rather than substitutive.