Bridgewater Fund founder Ray Dalio recently shared a thought-provoking view at an international forum: the credibility of the global fiat currency system is approaching a critical point. He believes we are transitioning from superficial trade frictions to more fundamental capital competition. In his words, certain fiat currencies are experiencing a global credit contraction.

This assessment is not unfounded. Just look at gold's performance — recently, gold prices have surged past $4,890, hitting a new all-time high. Throughout 2025, gold has accumulated a 67% increase, far outperforming tech stocks. Interestingly, global central banks are re-evaluating gold's value positioning, increasingly viewing it as a true "second reserve currency," rather than just a traditional safe-haven asset.

This series of changes seems to suggest that the traditional financial order is brewing some form of adjustment.