When it comes to asset allocation, many people struggle between Crypto Assets and gold. From my perspective, these two types of assets can actually complement each other.

Gold has a natural advantage of scarcity. The global mining output each year is far from enough to match the annual printing volume of fiat currencies like the US dollar, Chinese yuan, and Japanese yen — this is a hard constraint. While BTC and ETH technically achieve scarcity, they are essentially products of human design, whereas gold is a resource bestowed by nature.

The more critical aspect is the risk hedging property. Once faced with wartime or financial crises, gold can be directly exchanged for food and living supplies, which is a hard currency logic validated over thousands of years. Although crypto assets have high liquidity, they rely on networks and wallets, making them less stable than physical gold in this regard.

Currently, gold tokens like PAXG do provide convenience, nominally allowing for the extraction of physical gold. Although I personally have never actually withdrawn, if one day extraction is not possible, there will inevitably be government intervention, and signals will definitely be released in advance. At that time, one can just exit quickly. Based on these considerations, a moderate allocation of a combination of gold and crypto assets offers a more balanced risk-return profile.