【CITIC Research Report: From the perspective of medium- and long-term allocation value, Bitcoin>Gold>US dollar! 】

This research report is relatively objective and believes that#Bitcoinpresents the attributes of risky assets and has a unique cross-border flow function under anti-globalization——

1. Changes in global liquidity: The turning point of global liquidity has a certain lead over the price trend of Bitcoin.

2. Supply and demand and technological progress: The limited number determines the scarcity of Bitcoin, and the scale of ETF sales on the demand side has risen rapidly, bringing stable purchasing power to the subsequent bull market.

3. Risk premium: Overseas inflation stickiness, policy supervision, interest rate cut expectations, actual economic growth rate in the United States, industry hot spot catalysis, and geopolitical conflicts affect price trends.

Among them, under the concerns about cross-border transfer payments and strong supervision of financial market funds caused by geopolitical events,#BTCshowed a phased hedging function and risky asset attributes.

Therefore, in the medium and long term, the subsequent trend of asset prices and allocation value may be Bitcoin>Gold>US dollar.

In the short term, considering factors such as monetary policy differences, there are also factors in the market that are unfavorable to Bitcoin:

1. Like gold, Bitcoin faces similar global liquidity environments and risk premiums brought about by geopolitical conflicts.

2. Under the influence of the relatively poor economic fundamentals and liquidity in the United States and Europe, coupled with the disturbance of the general election, the US dollar index may still be strong, and it may be difficult to present a significant appreciation of Bitcoin.