The basic logic of Bitcoin bulls and bears may have changed

The buying spree of several institutions in the U.S. or a series of favorable cryptocurrency policies after Trump's rise to power have quietly changed the attributes of Bitcoin again. After the passage of the big beautiful bill in the U.S., the national debt has increased again. Therefore, Bitcoin, as a limited-supply investment and consuming a large amount of electricity as a cost condition, is already widely regarded as 'digital gold.' Thus, it can naturally become a macro hedge against inflation, and its long-term returns should far exceed U.S. Treasury bonds, which has been a verified fact. Although its price is highly volatile, this does not prevent investment institutions or hedge funds from allocating part of their funds to hedge against macro interference factors. As long as there are people in this market who recognize this issue, there will continuously be funds flowing into Bitcoin, driving up the price.

The basic logic behind this round of 'Bitcoin bull market' is exactly this: the fundamental attributes of Bitcoin have changed, which may break many regular conclusions.