[Matrixport: Gold Outperforms During Risk-Off Cycles, Bitcoin Unlikely to Become an Official Reserve Asset] Matrixport analysis highlights that over the past year, gold has achieved nearly 80% excess returns compared to Bitcoin, significantly outperforming Bitcoin. During the current risk-off cycle, traditional hedging assets like gold have benefited from declining interest rates, lower inflation, and rising market expectations of a dovish Federal Reserve stance by 2026. Although BlackRock has reinforced the narrative of Bitcoin as 'digital gold,' central banks around the world continue to prioritize gold as their primary reserve asset. Due to factors such as high volatility and political sensitivity, Bitcoin is unlikely to be widely adopted as an official reserve asset. U.S. policy direction remains a key long-term variable, with the Trump administration potentially adjusting gold reserves and marginally allocating to Bitcoin.