Why is $100,000 only the starting point for Bitcoin (BTC)?

Why can Bitcoin reach $100,000 each? Why is $100,000 still just the starting point for Bitcoin? (Background: Jeju Island in South Korea will open to tourists for 'Bitcoin payment consumption': creating a cashless international city) (Supplementary background: Bloodbath! Bitcoin flash crash pierced $90,500, ETH once fell below $3,700, over 210,000 people liquidated with $1 billion lost) Bitcoin broke through $100,000, and this may only be the starting point. On December 5, 2024, at 10 o'clock, Bitcoin officially broke through $100,000. Over the past year, BTC has more than doubled; over the past three years, BTC has increased nearly six times; over the past five years, BTC has risen nearly twenty times; over the past ten years, BTC has increased by 500 times, and over the past fifteen years, calculated from Bitcoin Pizza Day, BTC has risen 40 million times... For sixteen years, Bitcoin has been at a new starting point. Over these sixteen years, Bitcoin has been repeatedly attacked by governments and then gradually accepted and even publicly supported by them. It has been questioned by the public time and time again, only to be held by more people. By 2024, the number of users on the cryptocurrency exchange Binance alone has exceeded 210 million. Each time people believe Bitcoin has reached a peak and is nearing its end, it has been proven to be just a new starting point. The narrative and significance of Bitcoin itself are continuously evolving, and people's perceptions of Bitcoin have also been changing. Fifteen years ago, it was just a small experiment by cryptographers, when a programmer from Florida used 10,000 bitcoins to buy two pizzas; ten years ago, it was merely a payment method providing a breeding ground for illegal transactions such as gambling, drugs, and money laundering, with most of its use cases being illegal transactions; five years ago, it gradually grew into a new financial system alongside the cryptocurrency industry, described with insufficiently precise words, in this system there are 'crypto NASDAQ' (Ethereum), 'crypto banks' (Tether, Ethena), 'crypto brokerage firms' (Binance), and account systems (Metamask)... Every product has tens of millions or even hundreds of millions of users, and it has almost all the infrastructure and products of the traditional financial industry, but more efficient, streamlined, transparent, decentralized, and globalized; three years ago, the cryptocurrency industry was no longer limited to financial scenarios, but expanded its suite to Web3 application scenarios, thus the next generation financial system + the next generation internet system became its new mission. Today, more people believe Bitcoin is gold. Bitcoin's market value has reached $2 trillion, surpassing the market value of silver, and is one-tenth of the market value of gold. Bitcoin is recognized and supported by several sovereign countries, including the United States and Japan. And this process took Bitcoin only sixteen years. What’s even more astonishing is that the blockchain technology behind Bitcoin has also given rise to a whole new financial ecosystem and internet ecosystem, with thousands or even tens of thousands of crypto institutions in these two ecosystems continuing to promote the popularization of Bitcoin, making it truly possible for Bitcoin to become a global currency. When Bitcoin reaches the high point of $100,000, everyone raises a common question: Is Bitcoin nearing its end? How far is Bitcoin from the end? Will there be new narratives for Bitcoin? With 5 billion internet users yet to experience Bitcoin at $100,000, it remains the starting point for Bitcoin, and this time Bitcoin will welcome new 'buyers.' This year's biggest new buyer is undoubtedly the world's largest fund, BlackRock, and the main buyers behind BlackRock and other funds—American enterprises and institutions. In January 2024, the United States passed the BTC ETF, which means that public companies, pensions, BlackRock funds, Stanford and other university funds can publicly purchase and hold Bitcoin through ETFs issued by BlackRock and other funds. The approval of the Bitcoin ETF in the U.S. has triggered a wave of large institutions buying Bitcoin, with global large companies rushing to buy Bitcoin. In just ten months, $100 billion has flowed into the BTC ETF, with nearly $10 billion being used to buy Bitcoin through U.S. fund companies each month. Bitcoin has also soared from over $40,000 to $100,000, largely due to the approval of the U.S. BTC ETF, which allows U.S. institutions to purchase Bitcoin through this legal channel. The approval of the U.S. BTC ETF and the subsequent performance over 10 months have already become a miracle in the history of ETFs. If Bitcoin goes from $100,000 to $200,000, what new buyers will flood in? Firstly, from the institutional perspective, the institutions currently purchasing Bitcoin are still mainly in the U.S., and the U.S. Bitcoin spot ETF continues to attract capital inflows at a rapid pace of $10 billion each month, showing no signs of stopping. Companies and institutions in the U.S. and globally will continue to buy Bitcoin through the Bitcoin spot ETF. From a global perspective, major economies such as Japan, Europe, and China have not fully lifted restrictions on institutional purchases. Once these major economies lift their restrictions, it will be another leap forward. According to the famous 'Time Machine Theory,' innovative assets and mechanisms often transmit from the U.S. to developed countries and eventually to developing countries. Whether in assets and finance: gold, the Nasdaq listing mechanism, or the SPAC listing mechanism, or in the broader tech field: the internet, chips, mobile phones, and new energy vehicles, they often follow the Time Machine Theory. Secondly, from the perspective of the general public, the adoption rate of Bitcoin is still far from sufficient. According to various estimates by the well-known Silicon Valley investment firm a16z, there are currently about 30 million to 60 million active cryptocurrency users globally each month. Even if we expand this range to include users who have ever held cryptocurrency, according to an analysis from Crypto.com in April 2024, there are 610 million cryptocurrency users worldwide. With a global population of 8.2 billion, of which 5.4 billion use the internet, approximately 5 billion internet users have never experienced cryptocurrency products. The cryptocurrency industry aims to establish a new global financial system and internet system, allowing everyone to use cryptocurrency products just like internet products. In 2024, there are 5.4 billion internet users, but only 610 million cryptocurrency users, which indicates a huge incremental market. The cryptocurrency industry is changing this situation; it is changing the financial system and the internet system. When the cryptocurrency industry becomes as ubiquitous as the current internet industry, Bitcoin will reach ten times the current population. Finally, there is one more crucial buyer: sovereign countries. After El Salvador, Bitcoin is expected to become a reserve asset for more and more sovereign countries. Especially after Trump was elected as President of the United States, major economies such as the U.S., China, Japan, Europe, and the UAE are expected to accelerate the adoption of Bitcoin as a national reserve asset, which will lead to another leap for Bitcoin. The major powers actively purchasing Bitcoin is not without basis. On November 22, according to Reuters, Trump's 'Cryptocurrency Advisory Committee' is expected to establish a promised Bitcoin reserve. Trump has repeatedly publicly supported Bitcoin and the cryptocurrency industry. During his campaign, Trump promised several measures to support cryptocurrencies, such as incorporating Bitcoin into national...