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Fengchao original in-depth article: On the relationship between macro liquidity and Bitcoin

(Part.3 has a word limit and is divided into three parts. This article is the third part. For the full version, please click on the homepage)

Now, I am going to talk about the most critical point. The difference between Bitcoin and gold is that gold is a metal and a thing without a "story", while Bitcoin is a series of algorithms, which itself can carry many "stories" For example, Bitcoin Inscription...etc., this is what causes the fluctuation of Bitcoin. Then, if people predict that interest rates will rise (bad for Bitcoin), and at the same time the cryptocurrency field has its own benefits (such as Bitcoin Inscription, nft), Bitcoin's What should the trend be?

This has a lot to do with market value. The current total market value of Bitcoin is 1.3 trillion, which is only half of Apple’s total market value. So assuming that during the Fed’s interest rate hike cycle, Apple’s financial statements perform beyond expectations, what will happen to Apple’s stock price? Obviously, Apple's stock price will rise, and the same is true for Bitcoin. When its market is not as big as gold, its own positive factors are more decisive. At the same time, Bitcoin is currently very volatile, and there are still few big capitals pursuing stability. Big capitals are typical interest-rate-sensitive investors. Even a 0.25% interest rate increase will cause changes in their investment decisions.

In general, Bitcoin is currently in a stage where it is transforming from a venture capital product to a currency that is a means of storage. This process is long. During this process, the pricing logic of Bitcoin will also slowly change, and finally it will become Infinitely close to gold.