In a report published on November 12, 2026, at 20:20 (UTC+8), PANews cited Huobi HTX chief analyst Cloud’s remarks during the eighth Huobi expert lecture livestream. Cloud said a high-interest-rate environment was reshaping how global assets are priced, but that US Treasuries, gold and Bitcoin serve different purposes.
Cloud described short-term US Treasuries as better suited to a defensive role because of their relatively stable coupon income. In Cloud’s account, gold primarily serves to hedge credit risk and diversify holdings. Bitcoin, by contrast, is highly volatile; Cloud said its subsequent direction would depend on macroeconomic liquidity, risk appetite and institutional capital flows.
Cloud also discussed how the assets might perform under four macroeconomic scenarios—soft landing, stagflation, recession and renewed inflation—but the PANews notice did not provide scenario-by-scenario results. The distinction is one of roles, not evidence that any of the three will reliably preserve purchasing power in every environment.