The value of cryptocurrencies and their trading models have developed to the point where financial freedom is more reflected in the appreciation of holdings and collateralized consumption rather than in liquidating assets; compared to the early days, the question raised here is: will those who still hold a large amount of Bitcoin cash out to buy houses and consume? The answer is no. Because the application attributes of cryptocurrencies are maturing, and the trading models are more diverse. These individuals can use BTC as collateral through DeFi to obtain USDT for consumption, without needing to completely liquidate or reduce their positions in Bitcoin. They can continue to expect future appreciation potential, even until the $100,000 mark, as perceived by institutions. One reason is that DeFi has thoroughly activated the underlying liquidity of the cryptocurrency market, which is revolutionary. Furthermore, the trading and hedging strategies of holding investors are also more sophisticated. The most elaborate strategy is to collateralize BTC, exchange for USD, and then take advantage of high-quality projects or invest in promising altcoins, achieving returns of several times or even more with a leverage of 0.8 times. Nowadays, those engaged in contracts are traditional futures market veterans.

Why do top investors choose to continue holding and maintain a bullish outlook? It is due to several key factors for incremental growth. In addition to the previously mentioned DeFi, there is also NFT, whose ‘metaverse concept and cryptocurrency trading channels’ are seamlessly connected and are the most necessary trading means in a hybrid social environment. Tim Sweeney has also explicitly stated that he wants to find a protocol to accomplish this rather than a corporate solution. Additionally, Facebook's stablecoin plan was launched in 2021, which is expected to spark another wave of incremental growth; affected by the pandemic and environmental factors, we are currently in a revolutionary downturn, but the growth momentum of this wave simultaneously includes Facebook, DeFi, NFT + Metaverse.

Moreover, let’s consider a question: why was Bitcoin born during a period of massive monetary expansion, in Japan, the epitome of MMT? Born under the super-easing and even negative interest rates of Abenomics? This should be a thought-provoking question in the history of monetary studies.