If one day there is a run on gold and investors find that paper gold cannot be exchanged for physical gold. Once this happens, Bitcoin will skyrocket. Why? Because most people buy 'paper gold', whether it's ETFs, futures, or bank gold accounts, there is no legal obligation to exchange it for physical entities. When it expires, they can settle in cash directly without giving you gold. You thought you were buying gold, but in fact you were buying a price tracking tool. This system can operate because the vast majority of people do not want physical entities at all, only want price exposure. Less than 1% of people actually request delivery if they close or transfer their positions before expiration. But what if one day everyone really wants to switch to physical entities? In 2011, hedge fund manager Kyle Bass discovered while studying COMEX that there were approximately $80 billion in open contracts at the time, but only $2.7 billion in deliverable gold in the warehouse. He asked the head of the delivery department, 'What if 4% of people request delivery?' The other party replied, "This never happens, we rarely exceed 1% Kyle Bass asked, "But what if it really happens The other party said, "Price will solve everything Kyle Bass said, "Thank you, give me the gold Then he really helped the University of Texas Foundation withdraw $1 billion in physical gold. Because he knows that paper rights and actual possession are two different things. This matter has been hyped up again recently. In February 2025, Elon Musk questioned on X whether the gold reserves of Fort Knox in the United States were still there. Someone told him that the last complete public audit was in the 1950s and there hasn't been one since 1974. Musk said he wants to do a live interview: "This is the gold of the American people, and the American people have the right to see their own gold Senator Rand Paul responded, "I've been trying for ten years but still can't get in, come on Even some people question the authenticity of the US government's treasury. How reliable do you think the gold behind those ETFs and futures is? As precious metals enter a super cycle and the world becomes increasingly chaotic, the demand for physical gold from users will only become stronger. One day, someone will puncture this layer of window paper. And when the world discovers financial commodities that represent gold, there is simply not enough gold behind them. Once trust collapses, it cannot go back. 21 million pieces, verifiable on the chain, no one can print more out of thin air. What you hold is what you hold, without leverage or paper contracts. Maybe in the next 5 years, or maybe 10 years. But I believe we will definitely see this scene. At that time, it will be the true super cycle of Bitcoin.