Fidelity must know, that macro supervisor compared Bitcoin to the internet adoption curve, saying that Bitcoin is still halfway up the mountain and that the growth in wallet numbers follows a power law model.
It sounds impressive, but it needs to be unpacked. The current stepwise rise and consolidation of Bitcoin indeed resembles the early expansion pace of the internet, where the increase in user base drove up prices. However, behind the internet is a solid technological revolution, while Bitcoin's value support relies solely on consensus, and these two underlying logics are quite different.
He mentioned that it is difficult to distinguish whether the funds are long-term believers or short-term gamblers entering the market, which is true. The market is mixed, with Trump just allowing pension funds to buy coins, and institutional funds mixed with speculators. It is hard to see who truly believes in Bitcoin's future and who just wants to make quick money.
In the short term, consolidation is considered healthy, after all, last year’s rise was too rapid. But Bitcoin is much more volatile than the internet, with drastic fluctuations, while the internet's development did not have such rollercoaster rides. It is understandable for a large institution like Fidelity to be bullish, as they would prefer more funds to enter the market. Ordinary people should not just look at the beautiful curves but should consider whether they can withstand a 50% drop in the middle of the night. Historical similarities do not equate to the same results, especially for assets like Bitcoin that are supported by emotion and liquidity.
So don’t just applaud, also check if your pockets can hold and empty out! #上市公司加密储备战略 $BTC