Bitcoin and tokenized gold both rely on blockchain, but they differ significantly in core attributes and value logic. The former is a trustless digital scarce asset, while the latter is a digital extension of traditional gold. The following is a comparison from multiple dimensions:

1. Value support: Bitcoin has no physical anchor; its value comes from algorithmic consensus and market consensus, with its fixed supply of 21 million coins being the core value pivot, regarded as a tool against inflation. Tokenized gold has each token corresponding to an equal amount of physical gold reserves, with its value linked to traditional gold. For example, each XAUT represents one ounce of physical gold, with reserve gold mostly stored in secure vaults.

2. Trust mechanism: Bitcoin is "trustless", operating on a blockchain distributed ledger and cryptographic algorithms, with no issuers or custodians, and does not rely on any institutional credit. Tokenized gold is an extension of "retrust", depending on the issuer's performance ability, requiring investors to believe that the issuing institution will reserve sufficient physical gold as promised and support redemptions.

3. Price volatility: Bitcoin's price is extremely volatile and easily affected by macroeconomic factors and policy changes. At the end of 2025, it experienced a 3.23% drop within 24 hours, and its high volatility also gives it high-risk high-reward characteristics. Tokenized gold, being anchored to physical gold, has price fluctuations closely aligned with spot gold, with overall stability far exceeding that of Bitcoin, making it more suited for risk-averse needs.

4. Investment logic: Bitcoin attracts institutions and investors seeking high growth, with ETF funds and hedge funds often including it in diversified portfolios. Its compound annual growth rate reached as high as 82% over the past decade, with long-term growth expectations being its core appeal. Tokenized gold lowers the investment threshold for gold and also possesses advantages such as all-weather trading and divisibility, suitable for investors preferring stable hedging while wanting to balance gold's attributes with the convenience of digital assets.

5. Functional scenarios: Bitcoin is mainly used for value storage and cryptocurrency trading, but payment functionality has not become widespread due to high volatility and other issues. Tokenized gold has programmability, can be used as collateral in DeFi protocols to borrow stablecoins, and can circulate across different networks through cross-chain bridges, becoming a dynamic financial asset that generates income. #比特币VS代币化黄金