Bitcoin wants to become a reserve asset for central banks, but the reality is clear—its capacity is still far from enough.

If it were large economies like China, Russia, or the European Union, they would have already offloaded 2-3 trillion USD worth of US bonds and moved into gold. After all, gold has a market value of 20 trillion USD, and such large-scale capital inflows and outflows can be fully absorbed. But what about Bitcoin? With a market cap of 2 trillion USD, this size clearly cannot handle such volume.

It is precisely because of this that last year, gold became the main choice for "great powers to move away from the US dollar"—which can be seen as a micro-strategic adjustment for gold.

Interestingly, gold vs. Bitcoin is not a binary choice. Under the trend of asset diversification, the two are likely to be viewed as complementary rather than competitive. As the market develops, you will see these two asset classes each occupying their own position in central bank asset allocations.