🧵 Most of the gold market has also started to allocate BTC. The next phase of major asset migration is the resonance cycle of "central bank gold+private BTC"—— One of the biggest highlights of the Incrementum report is that it is a typical gold institution that actively includes BTC in its "new 60/40 portfolio" and clearly sees its long-term value as bullish. I think the underlying logic here is that BTC is a technological upgrade of the golden logic, and Bitcoin is a sharp sword against cross-border credit assets and capital controls in the digital age, which will only be increasingly valued by people! There are several profound implications behind this: one ️⃣ Gold institutions have also begun to recognize BTC's "digital gold" status: Traditionally, the Golden Party has held a reserved and even hostile attitude towards Bitcoin, believing that BTC lacks physical attributes and does not have a millennium long history of recognition. But this report directly includes BTC in the portfolio and clearly has high expectations for BTC's future market value (50% gold market value benchmark, target price of $900000). This indicates that the "avant-garde" among a group of gold bulls no longer see BTC as a competitor, but as an "extended asset" of the gold logic. → Gold: anti dollar credit system, anti inflation asset → BTC: global anti inflation asset in the digital age. two ️⃣ The core logic of the new 60/40 combination: The traditional 60/40 ratio (60% stocks, 40% bonds) is clearly ineffective in a high inflation and negative interest rate environment. The logic behind the new combination is: Stocks: still the main growth engine (but with a 45% decrease in proportion); Bonds: Retain a portion (15%), but have retired from their core position; Gold (safe haven+performance oriented)+commodity+BTC → major asset rotation+inflation hedging core allocation; Gold (safe haven) 15% → crisis resistance; Performance oriented gold 10% → seeking excess returns; 10% of bulk commodities → periodic benefits for physical assets; BTC 5% → High resilience digital asset hedging credit risk+long-term appreciation. 👉 Essentially, it is an active abandonment of bond dominance and an increase in the weight of "physical+digital physical" in response to the global currency system restructuring and asset de dollarization trend. three ️⃣ 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 based risk resistance. BTC: More flexible at the global capital market level, capable of cross-border circulation, resistant to censorship and capital controls, naturally becoming a supplement to the 'next generation of gold'. This report has clearly stated that BTC is an extension of the golden logic in new technological scenarios - not a replacement, but a completion capability. four ️⃣ What does BTC to 50% of gold market value mean? The current market value of gold is about 16-17 trillion US dollars → BTC is currently 1.3-1.5 trillion US dollars → Target is 8-8.5 trillion US dollars: The corresponding BTC price is around 900000 yuan. Logically speaking, it is not an exaggeration. If BTC is adopted by more global central banks and sovereign funds as a "sovereign reserve asset" and continues to have high free capital liquidity, there is long-term potential. Thank you @ tongtongbee for sharing. The report content has once again strengthened the confidence of our holders; In summary, the proactive "embrace" of BTC by gold long institutions is a very typical signal of the changing global asset allocation logic: de dollarization - government credit decline - gold, commodities, BTC → new generation of anti inflation+anti credit risk asset groups; They do not believe that BTC is a 'currency', but rather that BTC is the 'new gold of the era of free global capital migration'.