#BTC挑战11万大关 $BTC

When you unfold all the historical prices of Bitcoin for calculation, it is actually quite difficult to say that there are discernible patterns in the fluctuations.

In 2011, it rose 44 times, in 2012, it rose 4 times, in 2013, it rose 56 times, in 2014, it fell by 62%, in 2015, it rose by 50%, in 2017, it rose 19 times, in 2018, it fell by 73%, in 2020, it rose by 300%, in 2021, it rose by 300%, and in 2022, it fell by 70%...

From an annual return range of -74% to 5600%, the amplitude of fluctuation far exceeds any linear or exponential model category. If one must define it, one could say that the price movement of Bitcoin is completely a mixture of random walks and cyclical bubbles.

Not to mention that traditional financial products do not exhibit such fluctuations; even in cases of Ponzi schemes, tulip bubbles, and other high-yield, high-volatility price narratives, they ultimately return to fundamentals (collapse, closure, or zero).

However, Bitcoin has no fundamentals and cannot be attempted to be managed by traditional valuation models.

Thus, when I hear the viewpoint that Bitcoin is "worthless," I can also understand it.

Now, 1 Bitcoin can already purchase 1 kilogram of gold, yet you can feel the heaviness of a gold bar and the tangible experience of wealth it brings.

In contrast, Bitcoin is just a few lines of complex code; it exists solely in the virtual internet, displayed on a screen as a line of numbers.

Therefore, ordinary people find it difficult to feel a solid sense of wealth control from holding Bitcoin.