Bitcoin and Gold: Pioneers of the New Era International Monetary System Reform

Since 2022, the correlation between Bitcoin and gold prices has significantly increased, coinciding with the onset of the "post-pandemic" new era. In this new era, Bitcoin has the potential to be involved in the significant transformation of the International Monetary System. This round of changes in the International Monetary System will unprecedentedly accelerate the deepening of Bitcoin's "gold" attributes, and the value of Bitcoin as a reserve currency will gradually enter the mainstream.

Looking back at the history of currency and the development of the International Monetary System, we can see that precious metals, especially gold, became the forerunner of human consensus—money—due to their scarcity, divisibility, and ease of storage. The monetary system of the modern world has evolved from the gold standard to the Bretton Woods system, and then to the Jamaica system. Each transformation has been accompanied by specific historical contexts and economic demands.

Currently, the Jamaica system based on the hegemony of the US dollar is facing challenges under the new geopolitical landscape and technological development trends. Although the international monetary status of the US dollar remains irreplaceable in the short term, "de-dollarization" has become a consensus. Events such as the COVID-19 pandemic and geopolitical conflicts are accelerating this process.

The future International Monetary System may show a trend towards diversification, including major currencies such as the US dollar, euro, and renminbi, as well as supplementary currencies like the British pound, Japanese yen, and SDR. Another perspective suggests that there may be an "external currency" system supported by gold and other commodities in the future, emphasizing the commodity value of real resources (especially energy) as the basis for currency.

In this context, the financial markets are showing two trend trading directions: first, gold prices are deviating from the traditional real interest rate pricing logic; second, Bitcoin is deviating from the traditional risk asset pricing logic. These two assets may play a more important role in the new International Monetary System.

With the acceleration of the de-dollarization process, the fragmentation of industrial chains and changes in geopolitics will become key influencing factors. The adjustment of the global trade pattern, the trend of prioritizing security considerations over development, and the formation of a new international political and economic landscape will all profoundly impact the future currency system.

In this era filled with uncertainty, Bitcoin and gold, as decentralized means of value storage, are gaining increasing attention. They may become important participants in the new round of changes to the International Monetary System, bringing new opportunities and challenges to the global financial markets.