PANews February 26 News, QCP Group Trading Director Ivan Lee stated that Tether's large-scale gold purchases are a strategic treasury decision, not a satire of the "digital gold" narrative. Gold, as the most widely accepted non-sovereign reserve asset globally, can complement Bitcoin: it reduces correlation with the crypto liquidity cycle and can hedge against regulatory shocks or sudden deleveraging tail risks specific to cryptocurrencies. Ivan pointed out that Tether has accumulated approximately 130 tons of gold, with last quarter's purchases accounting for 10% of the central bank gold demand during the same period. Bitcoin behaves as a high-beta risk asset during tightening periods and exhibits gold-like properties during monetary expansion. Investors can consider both: gold for hedging short-term crises and liquidity pressures, and Bitcoin for hedging long-term policy risks and currency devaluation, but the allocation size and risk control should be set according to their drawdown characteristics.