The recent news discusses the growing traction of Bitcoin among institutions and governments, with Fed Chief Jamie Powell stating that Bitcoin is a competitor to gold, not the dollar. BRICS nations are also intensifying efforts to introduce their own currencies as part of a de-dollarization initiative. China, however, is not convinced about legalizing crypto entities and has instead been expanding its gold reserves. The People's Bank of China (PBOC) recently resumed purchases of gold after a six-month pause, potentially boosting gold demand among Chinese investors. Gold prices reached an all-time high driven by geopolitical tensions and uncertainty surrounding the US presidential elections. However, China's consumers have decreased their demand for bullion as prices have risen, focusing on safeguarding their wealth from a weakening economy.



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