Tether's recent acquisition of approximately 130 tons of gold is a strategic treasury decision, according to Ivan Lee, Head of Trading at QCP Group. This move is not a contradiction to Bitcoin's "digital gold" narrative but rather a complementary strategy. Gold, as a widely accepted non-sovereign reserve asset, helps reduce correlation with crypto liquidity cycles and hedges against crypto-specific risks like regulatory shocks. Lee highlighted that Tether's gold purchases in the fourth quarter accounted for 10% of central bank gold demand during that period. He noted that while Bitcoin carries high-beta risk during tightening periods, it exhibits gold-like characteristics during monetary expansion. Investors can use gold to hedge against short-term crises and liquidity pressures, while Bitcoin serves as a hedge against long-term policy risks and currency devaluation, with allocations tailored to their risk profiles.