Behind Bitcoin's breakthrough of 100,000 USD, a few observations:

1. Retail investors' emotions are amplified by the inflow of ETF funds, but true institutional allocation has only just begun. Companies like Metaplanet, which continue to increase their holdings, will become the norm in the next two years.

2. Traditional businesses like Steak 'n Shake accepting Bitcoin payments are essentially marketing strategies. What truly deserves attention is the asset-liability allocation of sovereign wealth funds and multinational corporations.

3. Most people's issue isn't that they can't understand the trends, but rather that they can't hold on. Without their own cognitive framework, 100,000 and 10,000 are just different numbers to you.

4. The upcoming script is very simple: pullback - panic - institutions continue to buy - new highs. This cycle will repeat until Wall Street completes its accumulation. Don't be the fool who cuts losses during the pullback. 1161