Others believe that Bitcoin is gradually gaining an advantage.

Geoff Kendrick, the global head of digital asset research at Standard Chartered, wrote in a recent report: “Due to the decentralized nature of Bitcoin, it is more effective in resisting risks in the financial system.” In contrast, during geopolitical conflicts such as tariff hikes, gold has performed more strongly.

Kendrick added that Bitcoin can hedge risks in two scenarios: one is the risk related to the private sector, such as the collapse of Silicon Valley Bank (SVB) in 2023; Another type is the risk related to government agencies, including concerns about the fiscal stability of the United States.