On April 23, 2025, the market capitalization of Bitcoin exceeded $1.9 trillion, surpassing Google to become the fifth largest asset in the world. This milestone event not only reflects the maturity of the cryptocurrency market but also reveals potential future development paths and risks. After Bitcoin's market capitalization broke $1.9 trillion, its scale approached that of traditional giants like Apple and Saudi Aramco, exceeding the total of the Spanish and Brazilian bond markets. This scale has attracted more institutional investors' attention; for instance, the trading volume of BlackRock's Bitcoin spot ETF-related options surged to 2.5 million BTC on Nasdaq after its listing, an increase of 40% from the previous day. The entry of institutions not only brings liquidity but also encourages Bitcoin to be included in a broader range of traditional investment portfolios. The market capitalization ratio of Bitcoin to gold reached an all-time high, further enhancing its attributes of 'inflation resistance' and 'store of value.' Especially in the context of global geopolitical conflicts and the loosening of the dollar's credibility, Bitcoin is seen as a tool to hedge against the depreciation of fiat currency.

Bitcoin's market capitalization surpassing Google marks its transformation from an 'alternative asset' to a 'mainstream asset,' but this process is fraught with uncertainty. In the short term, market sentiment may continue to push prices higher, especially with the combined effects of Trump’s policy dividends and institutional capital inflows; in the medium to long term, attention must be paid to the implementation of regulatory frameworks, breakthroughs in technological bottlenecks, and the competitive relationship with the traditional financial system. The future of Bitcoin depends on both the consolidation of its intrinsic value and the evolution of external environments. Only by finding a balance between technological innovation, compliance, and market demand can the vision of 'digital gold' be truly realized.