小莹Angela
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2025 Asset Review: Why did Bitcoin significantly underperform gold and the US stock market?
2025 Asset Review: Why did Bitcoin significantly underperform gold and the US stock market?
Many people observing Bitcoin's performance in 2025 may fall into a simple price comparison, not understanding why it underperformed the US stock market led by Nvidia, and even underperformed traditional safe-haven asset gold.
If viewed from a high-dimensional perspective, this is actually a problem of physics and information theory. Price is just a facade; the underlying flow of energy and information density is the essence.
1. The crowding effect of energy arbitrage: the transfer of computational power hegemony
In Musk's logic, value is often linked to the efficiency of energy conversion. Over the past decade, Bitcoin is the only machine that can convert energy on a large scale into a digitally scarce asset; this is a value anchoring based on thermodynamics.
Many people observing Bitcoin's performance in 2025 may fall into a simple price comparison, not understanding why it underperformed the US stock market led by Nvidia, and even underperformed traditional safe-haven asset gold.
If viewed from a high-dimensional perspective, this is actually a problem of physics and information theory. Price is just a facade; the underlying flow of energy and information density is the essence.
1. The crowding effect of energy arbitrage: the transfer of computational power hegemony
In Musk's logic, value is often linked to the efficiency of energy conversion. Over the past decade, Bitcoin is the only machine that can convert energy on a large scale into a digitally scarce asset; this is a value anchoring based on thermodynamics.
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