Recently, when opening market software, gold has broken through 4400 yuan/gram, and Bitcoin continues to rise. The correlation between these two asset classes has sparked much discussion. However, simply attributing this to "hedging demand" does not capture the true essence of the issue.

What are the driving forces behind these seemingly unrelated markets? The answer lies in the shift in global liquidity expectations. The easing signals from major economies indicate increasing market liquidity, which in turn raises inflation expectations. At this point, both traditional gold and emerging Bitcoin attract capital—gold as the enduring hard currency passed down through generations, and Bitcoin as the digital equivalent in the modern era.

The logic behind gold is straightforward: more money leads to devaluation, so people naturally seek tools to preserve value. Coupled with ongoing geopolitical uncertainties, "buying gold" becomes the most direct way to hedge risks. The price of 4400 yuan/gram, to some extent, reflects investors' pricing of future uncertainties.

Bitcoin's situation is somewhat more complex. It is often compared to gold, but their audiences do not completely overlap—gold attracts risk-averse investors, while Bitcoin tends to appeal to those with an understanding of technology and innovative assets. This differentiation actually creates a complementarity: when global capital searches for asset allocations that combine risk hedging and growth, gold and Bitcoin often move in tandem.

From another perspective, the common underlying factor of this market trend is a reassessment of the stability of the existing financial system. The release of liquidity, geopolitical risks, and the demand for asset preservation—these three factors combined form a powerful force driving both asset classes upward together.