$BTC 1. Mainstream Acceleration:

◦ Continued institutional allocation demand (e.g., expansion of ETFs like BlackRock), expansion of retail payment scenarios (such as Tesla's pilot projects in certain businesses).

◦ Deepening cross-border settlement applications, challenging the dominance of the US dollar in trade (China-US agreements promoting local currency settlement pilots).

2. Technology Innovation Drive:

◦ Expansion of the Bitcoin ecosystem (e.g., Stacks protocol enhancing smart contract functionality).

◦ Privacy-enhancing technologies (e.g., Taproot upgrade) balancing transparency and user privacy.

3. Competition and Collaboration:

◦ Competitors like Ethereum are pressuring in the DeFi and NFT sectors, but BTC maintains a market cap lead due to its first-mover advantage.

◦ Cross-chain interoperability (e.g., Cosmos IBC) may reshape the multi-chain ecosystem.

6. Investment Strategy Recommendations