The new narrative space for Bitcoin has opened
Looking back at the previous bull markets of Bitcoin, almost without exception, they were accompanied by changes in macro structures or institutional narratives:
2013 Bull Market: Cyprus banking crisis, Bitcoin gained attention as a 'de-banked' asset;
2017 Bull Market: ICOs and smart contracts catalyzed, capital influx;
2021 Bull Market: Federal Reserve's massive liquidity injections combined with the NFT and DeFi innovation wave;
2024-2025 Bull Market: The systemic trust fracture surrounding 'Bitcoin vs US Treasury credit' is unfolding.
This round of Bitcoin's rise is not solely based on technological innovation, but stems from a systemic distrust: a continuous decline in demand for US Treasury duration, expanding fiscal deficits, manipulation of short-term interest rates, involuntary selling of long-term interest rates, and pessimism towards institutional solutions.
Blockchain 1.0 represented by Bitcoin
Bitcoin = Green Electricity + Computing Power
Blockchain 2.0 Green Bitcoin, referred to as Carbon Credit Token
Green Bitcoin = Green Electricity + Computing Power + Green Carbon
Carbon Credit Token = Blockchain + Artificial Intelligence + Green Carbon
The era of the fusion of Bitcoin and carbon credit green economy is approaching.
The application of blockchain in new energy and carbon trading may follow the path of 'first local experimentation, then global expansion.'
If the stablecoin bill promotes the expansion of stablecoin scale, it will only deepen the market's structural anxiety about the 'inevitable implosion of the dollar system.' And this anxiety, when it cannot find an outlet in the capital markets, will naturally flow towards Bitcoin and gold.
David Sacks: Blockchain, Bitcoin, and cryptocurrency are the future financial system
According to Cointelegraph, David Sacks, the White House's cryptocurrency and AI director and 'crypto czar,' stated at the Bitcoin 2025 conference: 'We believe that blockchain, Bitcoin, and cryptocurrency are the future financial system.'
