Recently, the capital markets have been performing quite well, with the A-shares, US stocks, and Bitcoin all hovering near historical highs.

I believe that in the short term, there has been a situation of capital speculation, where China hopes to maintain its attractiveness to hot money (the overall spirit can refer to the State Council General Office's notice on forwarding the Ministry of Commerce and the National Development and Reform Commission's "2025 Action Plan for Stabilizing Foreign Investment"), while the US hopes to maintain the high levels of virtual currency to attract funds into stablecoins, and then guide stablecoin merchants to purchase US Treasury bonds to alleviate its debt interest issues.

Investors will choose the side with the highest risk-return ratio. For example, if A-shares have a stable annualized return of 15%, then Bitcoin's 30% annualized return is not very meaningful. If the A-shares had negative returns in the previous years, then Bitcoin's 30% annualized return would be significant, and investors might be willing to take on risks at the level of the Mentougou district to invest, after all, it is just a short hold, who wants it to last forever?

Therefore, there has recently been a broad rise in bank stocks and Chinese concept stocks. In reality, this is just a way for the two parties with high blood pressure and low blood sugar to compete for the next stage of discourse power in Hong Kong. The winning side will gain more capital inflow in the future.

The new high of Bitcoin is merely a manifestation of this dispute. If the A-share index can reach 4000 points in the coming year, then Bitcoin would need to rise by no less than 40%. However, going from 110,000 to 150,000 is also quite good. Now we are just waiting to see the excitement; many big shots predicted that US Treasury bonds would explode in May and June, and it has been proven that Americans can indeed extend it, so let's continue extending it well. Nvidia has just surpassed the 40 trillion mark, which sounds terrifying, but from the beginning of the year to today, it has only seen a 15% increase, which is far behind the recent performance of Pop Mart. After all, investment is about standing in the present and investing in the future; don't keep calculating Bitcoin's rise from pizza to today's millions of times, which has nothing to do with the vast majority of people present.