Asset Review in 2025: The Value Misalignment between AI Singularity and Entropy Increase, Why Bitcoin Will Significantly underperform Gold and US Stocks Many people, when observing the performance of Bitcoin in 2025, may fall into a simple price comparison and not understand why it has underperformed the US stock market led by Nvidia, or even the 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 an appearance, the energy flow and information density behind it are the essence. 1. Crowding effect of energy arbitrage: transfer of computing power hegemony In Musk's @ elonmusk logic, value is often linked to energy conversion efficiency. Over the past decade, Bitcoin has been the only machine capable of converting energy on a large scale into digital scarce assets, which is a thermodynamic based value anchor. But in 2024-2025, an extremely strong competitor emerged: generative artificial intelligence. The core driving force of the US stock market now is not fiat inflation, but the exponential outbreak of total factor productivity (TFP) brought about by AI. When tech giants invest hundreds of billions of dollars in building data centers, they are essentially competing for global power quotas. At present, the economic added value generated by using one kilowatt hour of electricity to train the next generation of large models or drive high-performance computing chips temporarily exceeds the revenue generated by using hash collisions to generate Bitcoin. The difference in marginal revenue forms the choice of price and funds. If you don't believe it, take a look at how many Bitcoin mining sites have been transformed into AI computing centers. Capital is profit driven and sensitive. When the slope of the growth curve of silicon-based intelligence is steeper than the scarcity curve of "digital reserves", the global excess liquidity will preferentially flow towards productivity assets with non-linear growth potential, rather than pure digital assets. 2. The "atomic properties" of gold and the "code consensus" of Bitcoin The strong performance of gold this year is essentially the result of an increase in global geopolitical entropy. Faced with deglobalization and systemic uncertainty, sovereign players need an asset that does not require network connectivity and does not rely on any clearing system. Under this extreme system fail safe logic, ancient gold provides atomic level certainty. Although Bitcoin is known as digital gold, it is still highly dependent on Internet infrastructure and centralized liquidity channels. When the system faces the risk of physical disconnection, atomic level certainty overcomes bit consensus in the short term, and physical gold can at least be held in hand or placed in a cave. Gold serves as a hedge against the collapse of the system, while Bitcoin is currently seen more by the market as an overflow of system liquidity. 3. The "volatility passivation" brought by ETFs Tools determine behavior. The popularity of Bitcoin spot ETFs marks the formal domestication of this beast. After entering the traditional asset allocation portfolio, Bitcoin began to follow the risk control model of traditional finance. Although this has brought long-term financial support, it has also greatly smoothed out its volatility and stifled its explosive power. Nowadays, Bitcoin is becoming more and more like a high beta technology index. Due to the Federal Reserve maintaining high interest rates for a longer period of time than market expectations, this highly sensitive "long tail asset" to liquidity will naturally be suppressed. 4. The productivity singularity siphoning the narrative of Bitcoin Charlie Munger emphasizes opportunity cost. If AI leading companies holding a monopoly position can achieve high certainty of non-linear growth, then holding Bitcoin that does not generate cash flow will have an extremely high opportunity cost. 2025 is the eve of one of the few productivity singularities in human history, with all funds chasing the node that could generate super intelligence. As a challenger to the monetary system, Bitcoin's appeal has been diluted in the short term in the face of the narrative of productivity revolution. 5. Phase transition adjustment period in fractal structure From the perspective of complex systems, the US stock market is in a parabolic acceleration stage driven by AI. In fractal geometry, tiny structures continuously replicate and magnify themselves through simple iterative formulas. AI is playing the role of this iterative operator. From the underlying NVIDIA computing power, to the mid-level cloud services, and to the upper level software applications, each layer is replicating the logic of 'productivity explosion'. This structure is extremely grand, but it also means that the system is approaching the physical limit of that local dimension. The performance of gold in the disintegration of the old order can be understood through the construction process of Cantor sets, which continuously eliminate the middle third. In the current global financial fractal, the ones excluded are "credit expansion," "unfulfilled promises," and "high entropy debt. As the old order is constantly fragmented by debt crises and geopolitical turmoil, the remaining set of disconnected but unbreakable points is gold. This is a value density generated by subtraction, which is the most stable physical bottom layer in fractal structures. The current state of Bitcoin is essentially the result of hedging forces of different scales: the profit selling pressure of early participants, offset by the continuous buying of sovereign states and long-term funds over time, compresses the price within a long-term low volatility range. This long-term low volatility oscillation is dynamically referred to as the reconstruction of an attractor. This fractal system accumulates over time to reserve space for the next scale change. Ultimately, Bitcoin in 2025 is not being counterfeited, but rather being re priced. It temporarily gives way to the two ends of productivity singularity and geopolitical defense needs, bearing the cost of time rather than direction. When the marginal efficiency of AI declines and liquidity continues to overflow, Bitcoin will return to its true role as a cross cyclical carrier of liquidity value.