$BTC

- **Institutionalization and Mainstream Adoption**:

- Whether corporate balance sheet allocation (e.g., MicroStrategy model) is sustainable.

- Whether sovereign nations or central banks will incorporate BTC into reserves (refer to the Salvador case).

- **Technical Bottlenecks and Competition**:

- Whether the consensus of BTC as a store of value will be diverted by other assets (e.g., ETH, gold ETF).

- Potential threats to security from emerging technologies such as quantum computing (long-term risks).

- **Macroeconomic Paradigm Shift**:

- In extreme scenarios like the weakening of dollar hegemony and global debt crises, BTC may become an option for “non-sovereign assets.”