Bitcoin has crossed the "consensus tipping point"

In recent weeks, Bitcoin has pulled back 15% from a high of $108,000 to $92,000. As a result, anxious investors often ask whether they have entered a bear market.

First, a common sense: In a bull market for Bitcoin, even a pullback of more than 30% may occur more than once, so it is too early to draw conclusions now. Today, I want to focus on the fact that Bitcoin, as an asset, has crossed the "consensus tipping point". This is crucial.

"Consensus tipping point" is a term I coined, which refers to the turning point where an emerging asset goes from being likely to return to zero to almost certainly becoming a mainstream asset. Before crossing this point, it may fail at any time, or for some reason it will always be tepid, with only a few people participating. But after crossing it, it will accelerate the recognition of everyone. At the beginning, it may be little known, and those who know it may be contemptuous or pessimistic. But I don't know when it started, as if everyone suddenly reached a consensus, everyone recognized it, and everyone participated.

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