There are many voices saying that Bitcoin has not outperformed gold, and top hedging funds have not outperformed the S&P, which raises doubts about whether these assets are still worth allocating. In fact, there is a cognitive trap here.

Using a single yield rate benchmark to evaluate different types of assets is like racing an airplane against a ship and then complaining that the ship is too slow on the highway. The problem is not with the ship itself, but with the incorrect dimension of comparison.

The purpose of hedge funds is not to beat the Nasdaq, but to maintain stability during significant market fluctuations. The value of Bitcoin should not only be assessed by its annualized returns, but also by its role as an alternative asset and a means of value storage. Gold has had a generally low return over the centuries, but no one would say it has no value.

Differentiated assets each serve their purpose in the investment portfolio. Returns are not the only indicator; risk hedging, liquidity, and correlation—these are the true considerations for allocation.