From "Ponzi Scheme" to "Digital Gold": Investment Insights Behind Experts' Flip-Flop

The market perception of Bitcoin has undergone a dramatic transformation. When the price was still 60,000 CNY per coin, mainstream voices in China labeled it a pyramid scheme.

As the price rose to 600,000, policies directly intervened to ban mining; now, with the price breaking through 760,000, the same group of experts has begun to shout the concept of "digital gold." This 180-degree attitude shift reflects the cognitive evolution process in the cryptocurrency market.

Three Stages of Market Perception:

1. Doubt Phase (60,000 CNY price level):

Labeled as a "Ponzi scheme"

Traditional finance collectively pessimistic

Regulatory attitude cautious and observant

2. Game Phase (600,000 CNY price level):

Policies intervene to regulate the market

Mining ban implemented

The market undergoes severe adjustments

3. Acceptance Phase (760,000 CNY price level):

Institutional funds continuously flow in

Regulatory framework gradually improves

Mainstream recognition increases

Investment Insights:

1. Market perception often lags behind price discovery

2. Extreme views usually have cognitive biases

3. Independent thinking is more important than following experts

4. Regulatory norms are a necessary path for industry maturity

The current market is at a critical juncture of a new cycle. Investors should:

Rationally view market fluctuations

Establish their own analytical framework

Pay attention to on-chain data and institutional trends

Ensure proper asset allocation and risk management

Remember: In the cryptocurrency market, the only constant is change itself. Rather than blindly following the fluctuating opinions of experts, it is better to establish your own investment logic to seize real opportunities amidst market volatility.

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