Odaily星球日报讯 黄金倡导者及经济学家 Peter Schiff 于 X 平台发文表示，“今天，美国股指期货和美元双双遭遇抛售。但黄金和比特币再次呈现截然相反的走势。黄金表现得像避险资产，上涨约 1%。而比特币的交易表现则像风险资产，下跌约 2%。显然，比特币并非数字黄金。”

Odaily星球日报讯 黄金倡导者及经济学家 Peter Schiff 于 X 平台发文表示，“今天，美国股指期货和美元双双遭遇抛售。但黄金和比特币再次呈现截然相反的走势。黄金表现得像避险资产，上涨约 1%。而比特币的交易表现则像风险资产，下跌约 2%。显然，比特币并非数字黄金。”

经济学家：比特币并非数字黄金，更像风险资产

<Odaily> Planet Daily News: Gold advocate and economist Peter Schiff posted on X platform, saying, "Today, US stock index futures and the dollar are both experiencing sell-offs. However, gold and Bitcoin are showing completely opposite trends. Gold is performing like a safe-haven asset, rising by about 1%. Meanwhile, Bitcoin is trading like a risk asset, falling by approximately 2%. Clearly, Bitcoin is not digital gold."

Economist: Bitcoin is not digital gold, but more like a risky asset

<Huoxing Finance News>, on May 4th, Fidelity hinted that Bitcoin might soon take the baton from gold. Jurrien Timmer, Fidelity Investments' global macro director, recently published a detailed analysis of the dynamic relationship between Bitcoin and gold. He cited data from Fidelity Management and Research Company (FMR Co) and Bloomberg to analyze the changing trends of Sharpe ratios for both assets, pointing out that their relative performance might be at a turning point.

"Ironically, there is a negative correlation between gold and Bitcoin. As the following chart shows, these two assets' Sharpe ratios have been alternating in leadership," he commented, adding: "It appears that Bitcoin's leading moment might be next, as its Sharpe ratio is currently -0.40, while gold's is 1.33. Therefore, we may witness the passing of the baton from gold to Bitcoin."

The chart he shared showed that gold's recent return was $22.51, while Bitcoin's was $13.22, with gold's return amplified by 4 times to reflect its lower volatility, and Bitcoin's return remaining at 1 times without proportional adjustment.

Timmer also commented on the psychological and behavioral aspects of investing in Bitcoin. He described Bitcoin's volatility and unpredictability as its fundamental characteristics: "Bitcoin is slightly different from gold because it has a 'Dr. Jekyll and Mr. Hyde' dual personality." According to Timmer, Bitcoin performs best when the money supply (M2) and stock market expand simultaneously, thanks to its dual appeal as a speculative asset and store of value. Gold, he commented, "has only one attribute" and provides more stability. Timmer acknowledged Bitcoin's legitimacy in today's monetary landscape, calling it a "modern invention craving to become hard currency in an era of loose monetary policy."

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