Author: Martin
As traditional currencies continue to evolve over time, two assets are demonstrating a timeless vitality.
"Bitcoin and gold will outlast any other currency." On October 12, Tether CEO Paolo Ardoino made this statement on the X platform, which resonated widely in both the cryptocurrency and traditional finance sectors. This not only affirms the value of these two assets but also represents an important judgment on the evolution of the current monetary system.
As the issuer of the world's largest stablecoin USDT, Tether has made significant allocations to Bitcoin and gold. According to publicly available data, Tether holds over 100,000 Bitcoins (worth over $10 billion) and nearly 80 tons of gold (worth about $8 billion), making it one of the largest holders of gold outside of banks and nations.
The Choice of Giants
Tether, which dominates the stablecoin market, has recently directed a large portion of its profits into "safe assets" like Bitcoin and gold. This allocation is not coincidental but is based on a profound understanding of the long-term value of these two assets.
Paolo Ardoino stated, "I believe gold should be safer than any national currency. Therefore, I think if people start to worry about the potential increase in U.S. debt, they may consider alternatives." This viewpoint reflects the concerns of an increasing number of institutional investors.
Gold is undoubtedly rapidly solidifying its "ultimate safe-haven status" for 2025, with recent prices reaching historic highs. Meanwhile, Bitcoin has also performed well, reaching a historical peak of $126,000 in October and currently trading above $110,000.
Digital Gold vs. Physical Gold
Bitcoin is often referred to as "digital gold," and this analogy goes beyond their shared role as stores of value. Both possess characteristics independent of central banks, limited supply, and widespread recognition.
Ardoino elaborated on this: "Many Bitcoin believers are reluctant to talk about gold, as if gold would diminish Bitcoin's luster, but the fact is, Bitcoin has reached perfection; gold, while not perfect, is not Bitcoin's rival; its rival is fiat currency."
Essentially, Bitcoin and gold are both combating the devaluation risk of fiat currency. In the context of the current global debt surge—the global debt-to-GDP ratio has skyrocketed from 110% in 1970 to 360% today—this anti-devaluation property is particularly precious.
Tether not only holds a significant amount of gold but has also launched the gold-backed token XAUT, with each token backed by one ounce of gold. This approach, which combines traditional assets with blockchain technology, is showcasing the trend of financial integration in the future.
Institutional and Central Bank Involvement
The recognition of Bitcoin and gold is not limited to crypto companies like Tether; traditional financial institutions are also actively reassessing the value of these two assets.
Deutsche Bank recently predicted that by 2030, Bitcoin and gold will coexist in the global central bank reserve system. Analyst Marion Laboure stated, "While gold has long been the most standard alternative asset, the Trump administration's milestone decision in March to establish a U.S. Bitcoin strategic reserve has reignited intense discussions about central banks holding Bitcoin as a reserve asset."
This recognition is based on profound macro analysis: "As the dollar weakens, central banks face a critical question: Can Bitcoin coexist as a credible reserve asset alongside gold—even replace gold?" Deutsche Bank believes that strategic allocation of Bitcoin could become a modern cornerstone of financial security, echoing gold's role in the 20th century.
Wall Street giants are also taking action. Since 2025, institutional investors have accumulated 417,000 Bitcoins (about 2% of the circulating supply), while retail investors sold 150,000 during the same period. This phenomenon of "institutions buying, retail selling" is setting the stage for a redistribution of wealth.
The Foundation of Intrinsic Value
Why can Bitcoin and gold withstand the test of time? The key lies in their intrinsic value support.
The value of gold comes from its physical properties and scarcity. The time required to produce a given amount of gold is relatively stable, and the impact of technological advancements is limited, making the time to produce a unit of gold relatively constant, which is the fundamental basis for the long-term stability of gold's intrinsic value.
Bitcoin's value, on the other hand, comes from its algorithmic scarcity and time condensation. The output of Bitcoin is determined by time, and as block rewards are halved, the time to produce one Bitcoin increases. This intrinsic value is continuously growing and irreversible, making Bitcoin an ideal choice for long-term value storage.
In contrast, the production cost of fiat currency is almost zero, and the unit value has hardly condensed any time. This is why, since the collapse of the Bretton Woods system, gold has appreciated a hundredfold against the dollar, while Bitcoin has soared since its inception, overshadowing any traditional asset.
The rise in gold prices has already proven its safe-haven status, with several Wall Street financial institutions projecting gold prices to reach $4,000 by 2026 as a baseline scenario, while Bitcoin's rise demonstrates the revolutionary impact of technology on the financial system.
Regardless of how traditional markets fluctuate, Bitcoin and gold have already shown a vitality that surpasses any single sovereign currency. As Paolo Ardoino stated, these two assets are likely to exist longer than any other currency.
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