🧵 The major gold bulls are also starting to pair with BTC｜The next phase of large asset migration is a resonance cycle of “central bank gold + private BTC”——

One of the biggest highlights of this Incrementum report is that a typical gold institution has actively included BTC in its “new 60/40 portfolio” and has a clear bullish outlook on its long-term value.

I believe the underlying logic here is: $BTC is a technological upgrade of the gold logic; Bitcoin is a sword for cross-border anti-credit assets and anti-capital control in the digital age, and it will only become more valued!

This reveals several deeper meanings:

1️⃣ Gold institutions are beginning to acknowledge BTC's status as “digital gold”:

Traditionally, the gold camp has been reserved or even hostile towards Bitcoin, believing that BTC lacks physical attributes and does not have a millennia-long history of recognition.

However, this report directly includes BTC in the portfolio and clearly has high expectations for BTC's future market value (50% of gold market value benchmark, $900,000 target price).

This indicates that a group of “frontier” gold bulls no longer view BTC as a competitor but as an “extension asset” of the gold logic.

→ Gold: Anti-US dollar credit system, anti-inflation asset → BTC: Global anti-inflation asset in the digital age.

2️⃣ The core logic of the new 60/40 portfolio:

The traditional 60/40 (60% stocks, 40% bonds) has clearly failed in a high-inflation, negative interest rate environment. The logic behind the new portfolio is:

Stocks: Still the main growth engine (but the 45% allocation has been reduced);

Bonds: Retain a portion (15%), but have already retreated from a core position;

Gold (hedging + performance) + commodities + BTC → Major asset rotation + core inflation hedging configuration;

Gold (hedging) 15% → Crisis resistance;

Performance gold 10% → Seeking excess returns;

Commodities 10% → Physical assets benefiting cyclically;

BTC 5% → High-elasticity digital asset hedging credit risk + long-term appreciation.

👉 Essentially, it is an active abandonment of bond dominance, increasing the weight of “physical + digital physical” assets to respond to the global monetary system reconstruction + asset de-dollarization trend.

3️⃣ The complementary logic of gold and BTC:

Gold: Mainly allocated on a large scale by central banks, sovereign funds, and traditional institutions, suitable for reserve-type risk resistance.

BTC: More flexible at the global capital market level, can circulate across borders, resist censorship, and anti-capital control, naturally becoming a “next-generation gold” supplement.

This report has clearly stated that BTC is an “extension” of the gold logic in new technological scenarios—not a replacement, but a capability complement.

4️⃣ What does BTC reaching 50% of gold's market value mean?

The current gold market value is about $16-17 trillion → BTC currently at $1.3-1.5 trillion → Target $8-8.5 trillion:

Corresponding BTC price is about $900,000.

Logically, this is not exaggerated; if BTC is adopted more by global central banks and sovereign funds as a “sovereign foreign reserve asset” and continues to have high free capital liquidity, there is long-term potential.

Thanks to @tongtongbee for sharing; the report content has once again strengthened the confidence of us holders;

In summary: The active “embrace” of BTC by gold bull institutions is a very typical signal that the global asset allocation logic is changing: de-dollarization—declining government credit—gold, commodities, BTC → a new generation of anti-inflation + anti-credit risk asset group;

They do not believe BTC is “currency,” but believe BTC is “the new gold in the era of global capital freedom migration.”

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