The violent market finally gave investors who had been struggling in the past a chance to feel proud. Since the dust settled on the US presidential election, the market FOMO sentiment has become increasingly strong, and the BTC daily chart has achieved 7 consecutive increases, which is quite rare.
BTC broke through $70,000 from the bottom range of $67,000. On November 13, it broke through $80,000 again. After the integer barriers were continuously broken through, BTC passed five levels and exceeded $90,000, reaching a high of $93,465.
Ethereum, which was once the subject of crazy FUD, also followed Bitcoin and achieved 7 consecutive daily increases, from the bottom of $2,200 to nearly $3,500, and the highest to $3,450. The market value of Ethereum rose to about $400.07 billion, surpassing Procter & Gamble and ranking 32nd in the global asset market value. After SOL broke through $212, its market value once exceeded $100 billion.
Altcoins have seen a sharp rise, including Meme, AI, public chains, and ecological projects. In terms of contract data, according to coinglass data, the entire network had a 24-hour liquidation of US$650 million, with long orders liquidating US$278 million and short orders liquidating US$371 million.
A few days ago, Michael Saylor said that MicroStrategy increased its holdings of 27,200 BTC at a cost of approximately US$2.03 billion, with an average cost of US$74,463. As of November 10, MicroStrategy held a total of 279,420 bitcoins with a total value of US$11.9 billion, with an average cost of approximately US$42,692 per bitcoin.
As of November 10, MicroStrategy's unrealized profit from Bitcoin holdings has reached a staggering $13 billion.
dForcec founder Yang Mindao marveled that "MicroStrategy has earned more money in the past six months than all crypto VCs have earned in the past five years, and this is just the operation of Michael Saylor alone."
According to data disclosed by Trader T, global Bitcoin ETF holdings have exceeded 1.2 million BTC, accounting for 5.7% of the total supply.
On the other hand, more and more countries, such as Bhutan, Argentina and El Salvador, are taking bold steps to use Bitcoin as a reserve currency and investing national resources in mining. Many countries are studying their own Bitcoin strategies and have proposed frameworks to support digital asset innovation. There is also increasing bipartisan support in the United States for the establishment of a strategic Bitcoin reserve.
Saylor said in an interview: "The world will be reshaped, and finance is undergoing a digital transformation. Although Saylor and many people still focus on Bitcoin, the reshaping of the world he refers to includes many major changes that work in tandem with the traditional financial system."
However, we need to see one thing clearly from the noise: we are now at a tipping point. Cryptocurrency is rapidly entering the stage of large-scale deployment and is about to reach a critical mass that will affect the global financial system. The cryptocurrency industry is maturing, driving the financial digital transformation that has been brewing for more than a decade into the mainstream. However, the process of reshaping the financial system is extremely complex, which is why this change has taken so long to "warm up".
In short, all this illustrates two things: first, that many factors need to work together to move an outdated financial system into the 21st century; and second, that the pace of change will only accelerate in the future.
Fortunately, it’s not just technology that’s driving this convergence and innovation. There are powerful cultural and macro trends like demographic shifts, institutional adoption, currency debasement, and global competition—which explains why the decline of the traditional financial system is almost certain.
As a Web3 entrepreneur, the past few years of cryptocurrency have been both exciting and confusing. As I re-examine the current financial environment and try to understand why the financial landscape has seemed so chaotic in recent years, I am exploring the underlying logic behind it. For those who follow and invest in the crypto space, these past few years have been filled with a confusing regulatory environment, contradictory statements from the media, and skepticism from traditional institutions. Not to mention the huge volatility of emerging digital assets.
For cryptocurrencies, this means that almost all of the past decade has been spent under the supervision of TradFi institutions. In particular, the Biden administration has placed the US crypto market across the ocean in an extremely hostile regulatory environment over the past four years, adopting strategies such as Operation Chokehold 2.0 to try to curb the popularity and liquidity of cryptocurrencies. Of course, our country’s attitude is also very clear, and in 2021, the holding and mining of cryptocurrencies was completely banned.
But cryptocurrencies continue to prove their value proposition, and despite the measures taken by traditional institutions, the emerging technology continues to develop and expand unimpeded. The core believers leading the crypto movement continue to double down, continuously testing new uses and pushing for the expansion of important functions.
Millennial retail investors prefer digital natives, are skeptical of traditional institutions, and have embraced these emerging financial technologies. They are more risk-tolerant and view speculative assets differently than previous generations.
Banks, asset managers are integrating blockchain and crypto-native solutions to stay competitive. Stablecoins, almost all denominated in U.S. dollars, completed $8.5 trillion in transactions in the second quarter of 2024, more than double Visa's $3.9 trillion in the same period. Companies like Microsoft and Tesla are also testing their Bitcoin strategies.
There is also the government level, where countries and companies realize the global nature of crypto and the huge economic potential that comes with being ahead of this change. Despite banning cryptocurrencies a few years ago, the news now is that my country seems ready to lift the ban. The BRICS countries are developing plans to utilize digital currencies. Dubai just announced that it will accept cryptocurrencies for real estate investment, while many countries, including the United States, are advancing policies that are favorable to crypto. Sovereign Bitcoin mining is also becoming more and more popular.
These macro trends are driving the strategic allocation and future investments of TradFi institutions, with more and more strong cases emerging and exciting new businesses emerging. In addition to the obvious Bitcoin and Ethereum ETFs, there are also the Texas Stock Exchange, which is expected to launch in 2026 and aims to compete directly with the NYSE and Nasdaq.
We will see a transfer of wealth from baby boomers to millennials and witness trillions of existing assets being on-chain. More of the world's money supply will flow into the top cryptocurrencies as people try to escape the fiat currency system that is sapping their economic power. It is foreseeable that the crypto industry will gradually expand and eventually integrate the entire economy and financial industry.
As renowned VC and author Chris Dixon says, “What smart people do on the weekends, other people will be doing on the weekdays 10 years from now.” Those who choose to act now — whether developers, investors, or entrepreneurs — will be able to seize the initiative in this new paradigm and perhaps even shape the emerging system at the founding level.
Crypto-convergence is more than an economic trend - it is a multi-faceted movement of change committed to reforming and reshaping the mechanisms of global finance. By decisively adapting to this change and embracing convergence rather than resisting it, we will all benefit from one of the most important opportunities of our time. The next 12 months are going to be a wild ride. For those who commit, 2025 could be a life-changing year.
