Have you noticed that more and more people around you are discussing "gold" lately? Yes, I'm talking about gold in the physical sense. With the increase in geopolitical risks and global macroeconomic uncertainties, the total market capitalization of gold once reached 30 trillion USD, firmly sitting at the top of global assets.

At the same time, an interesting thing is happening in the Crypto world. Beyond Bitcoin, which is widely regarded as "digital gold", physical gold is accelerating its transition to the blockchain: tokenized gold represented by Tether Gold (XAUT) has gained new capabilities through the RWA wave, becoming divisible, programmable, and even able to earn interest.
It is challenging a narrative that has been almost monopolized by Bitcoin for a long time: "Who is the true digital gold?"

BTC: A Narrative Evolution Over a Decade, is BTC a currency or an asset? Is its core function payment or value storage? Or is it a risk asset similar to the positioning of tech stocks?

Since its inception in 2009, this issue has been present throughout the entire historical phases of Bitcoin.
Although Satoshi Nakamoto clearly stated the "Electronic Cash" attribute of BTC in the white paper, along with the evolution of its own scale, this has almost become a topic of narrative reversal and continuous debate within the community over the past 10 years—transitioning from an early payment method to "store of value" and "alternative asset."

Especially the official approval of spot ETFs in 2024 has become a narrative turning point, where more people no longer see Bitcoin as the "global currency" for trading and payment. Instead, an increasing number of people are starting to view Bitcoin as a value storage asset with a consensus foundation, also known as "digital gold":

Like gold, it is scarce in total supply, with predictable and stable production, but at the same time, it has advantages that gold cannot match: better divisibility (1 satoshi = 0.00000001 BTC), portability (cross-border transfer in seconds), and liquidity (24/7 market).