In a report published on November 12, 2026, at 20:21 (UTC+8), TechFlow quoted Huobi HTX chief analyst Cloud discussing short-term US Treasuries, gold and Bitcoin during the eighth Huobi expert lecture livestream.
Cloud said high interest rates were reshaping how global assets are priced, but the three assets serve different purposes. In Cloud’s assessment, short-term Treasuries offer relatively stable interest income and are better suited to a defensive role. Gold primarily helps hedge credit risk and diversify assets. Bitcoin is highly volatile; Cloud said its subsequent direction would depend in part on macroeconomic liquidity, risk appetite and institutional capital flows.
Cloud also considered four possible macroeconomic scenarios—soft landing, stagflation, recession and renewed inflation—without the report providing performance figures for any of them. The comparison is therefore a view of potential roles, not evidence that gold or Bitcoin will reliably protect purchasing power in every scenario.