"When the fiat currencies of various countries are rolling in the quagmire of inflation, Bitcoin has already boarded the rocket." Recently, veteran players in the circle have been spreading this saying. After all, Bitcoin has risen from $40,000 to $110,000 in less than half a year. As someone who has been in the stock and futures markets for eight years, I've come to understand: this new high is not driven by whales but is a collective performance art of global retail investors awakening.
First, let's talk about the underlying logic: The global fiat currencies are depreciating like crazy, just like supermarket items nearing their expiration date. I have a friend doing foreign trade in Argentina; the pesos he received last year can't even buy toilet paper now, so he gritted his teeth and converted all his payments into USDT to preserve his principal. Now even the market vendors in South America know to transfer money directly using cryptocurrency; the transaction fees are 90% cheaper than bank remittances—this is true 'inclusive finance.' What's even bolder is that the U.S. is also pushing this forward. (GENIUS stablecoin bill) sounds sophisticated, but in simple terms, it allows traditional capital to enter the cryptocurrency market in compliance—whales like BlackRock alone absorbed $40 billion worth of BTC through ETFs in May. This isn't just buying coins; it's directly siphoning liquidity with a straw!
Insiders understand that this round of market behavior is fundamentally different from 2017 and 2021. In the past, retail investors followed Musk's calls to invest in meme coin projects, but now even listed companies in Japan are starting to convert cash on their balance sheets into Bitcoin. MicroStrategy's crazy CEO Saylor has turned the company into a Bitcoin piggy bank, recently announcing plans for a '42/42 plan'—to accumulate 420,000 BTC in 42 months, which means swallowing more than 3,000 BTC daily, faster than miners can mine. The three Bitcoins I bought at $48,000 last year are now sitting in cold storage, enough to buy a house in the suburbs of Shanghai, which is much more exciting than investing in A-shares.
However, what surprised me the most is the altcoin ecosystem. In the past, everyone said 'Bitcoin is gold, Litecoin is silver,' but now even meme projects on Solana can achieve daily active users in the millions. Last month, I participated in a meme coin called Degen with the community, initially thinking I would just make some money and run, but then Trump mentioned 'freedom for cryptocurrencies' in his campaign speech, and it skyrocketed 18 times in three days. Looking back, the market has gone crazy—countries are treating Bitcoin as a strategic reserve, Musk is posting dog emojis on X, and countless wealth myths are intertwined, even the pancake vendor downstairs is asking me how to register on Binance.
But don't let FOMO cloud your judgment; the market is even more thrilling than a roller coaster. Just the day before yesterday, Bitcoin broke $110,000, and many ordinary people's put leveraged contracts went to zero. Even more surreal is the NFT market; the floor price of BAYC fell from 300 ETH to 15 ETH in just a year, and those who spent millions on monkeys are now regretting it. Recently, I discovered that BlackRock secretly set up a BUIDL fund, and after putting US debt on-chain, it can yield an annualized return of 5.8%. If this thing becomes widespread, bank wealth management managers will be out of a job.
Finally: Will the Federal Reserve lower interest rates next month? If Trump really gets elected, will he exchange the gold in the treasury for Bitcoin?
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