Regarding the Claims of an Eternal Bull Market

- Institutional Buying Continues: Public companies, represented by MicroStrategy, are purchasing large amounts of Bitcoin. MicroStrategy holds 628,000 Bitcoins, accounting for over 3% of the global total. Meanwhile, Bitcoin ETFs are continuously attracting capital inflows, with Bernstein predicting that Bitcoin ETFs in the U.S. stock market will attract over $70 billion in net inflows by 2025, far exceeding the $35 billion expected in 2024.

- Regulatory Environment Expected to Become More Lenient: Trump has repeatedly emphasized transforming the U.S. into the "crypto capital" and a "Bitcoin superpower," and his administration may implement more lenient cryptocurrency regulations, which would boost global demand for digital asset funds.

- Technological Advancements and Ecosystem Development: The Bitcoin network is undergoing technological upgrades, such as the development of the Lightning Network and the implementation of Taproot, enhancing Bitcoin's utility and scalability. At the same time, the Bitcoin ecosystem is continually improving, from custody services to payment solutions, creating more use cases for Bitcoin.

- Supply Scarcity: The total supply of Bitcoin is limited, and in 2024 the fourth halving was completed, reducing the number of Bitcoins mined daily from 900 to 450. Scarcity is considered a key factor supporting its price increase.

Among these, Jin Dachuan believes that the serious negative balance of U.S. debt will be the biggest background factor driving the eternal bull market for Bitcoin, which I have emphasized before.

Of course, there is no true eternity in the world, but it is essential to insist on the long-term bullish trend.