Author: Revc, Golden Finance
As of now, publicly traded companies hold over 500,000 Bitcoins, valued at approximately $48 billion, accounting for 2.422% of Bitcoin's total supply. Institutional investors' acceptance of Bitcoin has significantly increased. By incorporating Bitcoin onto their balance sheets, these companies not only drive the legitimization and market recognition of Bitcoin but also provide momentum for the further development of its ecosystem. The behavior of companies holding Bitcoin also brings a certain degree of market stability, laying the foundation for the long-term growth of Bitcoin's value. However, the financial situations of these companies are closely tied to Bitcoin's price fluctuations, exposing them to potential market risks.
The innovative sensitivity and high-risk preference of entrepreneurs are the main forces behind the development and popularization of crypto assets. In a free economic system, entrepreneurship is respected and is a prerequisite for maintaining economic vitality, thereby leading social progress and development.
In the most personal assessment of pros and cons, entrepreneurs know what to put on their balance sheets. Through their judgments of risk and return, we can glimpse the direction and trends of future development.
List of publicly traded companies holding Bitcoin
At the current stage, Bitcoin investment is mainly favored by tech giants. MicroStrategy leads with an absolute advantage in holding amounts, and its investment returns are also the most significant. In addition to tech companies, firms from finance, gaming, and industry are also actively investing in Bitcoin, showing widespread market attention to crypto assets.
MicroStrategy
- Main founders: Michael J. Saylor
- Overview: MicroStrategy is a software company focused on business intelligence and data analytics. Since 2020, its CEO Michael Saylor has made Bitcoin a core strategic asset to hedge against dollar inflation. This move has made MicroStrategy a pioneer in corporate Bitcoin adoption, widely seen as an important step in promoting the legitimization of the crypto industry.
- Financial status and market performance: MicroStrategy raised funds through multiple public stock offerings to purchase over 380,000 Bitcoins, with its holding value significantly increasing during Bitcoin bull markets. This strategy has made MicroStrategy's stock price highly correlated with Bitcoin's movements, viewing it as a 'Bitcoin proxy stock.'
Marathon Digital Holdings Inc
- Main founders: David Martz
- Overview: Marathon Digital is a Bitcoin mining company dedicated to enhancing mining capacity through the expansion of mining sites and the use of renewable energy. The company aims to provide scalable, cost-effective mining services and promote the growth of the crypto network.
- Financial status and market performance: The company's revenue in 2024 increased due to a rise in mining output, but its profitability is affected by Bitcoin price fluctuations and energy costs. Marathon's stock price is highly correlated with the crypto market, performing strongly during bull markets, but also facing regulatory and energy cost pressures.
Riot Platforms, Inc.
- Main founders: Jeff McGonegal
- Overview: Riot is a company focused on Bitcoin mining and blockchain technology, consolidating its leadership in the industry by continuously expanding mining capacity and optimizing energy efficiency.
- Financial status and market performance: Riot experienced stock price fluctuations in 2024 due to Bitcoin price volatility, with growth in mining capacity partially offsetting market uncertainties. It improved operational efficiency through energy management collaborations to reduce mining costs.
Tesla, Inc
- Main founders: Elon Musk
- Overview: Tesla announced its first purchase of Bitcoin in 2021 as part of its asset diversification strategy, marking mainstream companies' recognition of cryptocurrencies. Although its core business remains electric vehicles and clean energy, Tesla's crypto investment actions have attracted widespread attention.
- Financial status and market performance: The proportion of Bitcoin held by Tesla in its financial report is small, but its investment actions influence Bitcoin market sentiment. However, Tesla's performance in its core business dominates its stock value.
Coinbase Global, Inc.
- Main founders: Brian Armstrong
- Overview: Coinbase is one of the largest cryptocurrency trading platforms in the world, with a mission to promote the opening of the global financial system. The company became a public company in 2021 through a direct listing, becoming a landmark enterprise in the crypto industry.
- Financial status and market performance: Coinbase's revenue mainly comes from transaction fees, and its performance and stock price are closely related to the trading volume and price trends of the crypto market. In 2024, due to a recovery in market demand, the company saw significant user growth but faced regulatory scrutiny and competitive challenges.
Hut 8 Corp
- Main founders: Andrew Kiguel
- Overview: Hut 8 is a Canada-based Bitcoin mining company focused on providing computing power for the network while seeking to improve energy efficiency to lower mining costs.
- Financial status and market performance: Its stock price and earnings are highly dependent on Bitcoin prices and profit significantly during price increases. However, the company is also affected by energy costs and changes in policy regulations.
Block, Inc.
- Main founders: Jack Dorsey
- Overview: Block (formerly Square) invests in Bitcoin development through its Spiral project (formerly Square Crypto), driving innovation in blockchain for payments and financial services beyond traditional payment solutions.
- Financial status and market performance: Block's Bitcoin business is auxiliary, with its main revenue still coming from payment services, but the company actively participates in the development of decentralized technologies to enhance its competitiveness in the crypto field.
Galaxy Digital Holdings
- Main founders: Michael Novogratz
- Overview: Galaxy Digital is a company providing cryptocurrency financial services, with operations covering investment banking, asset management, and trading, making it an important player in the institutionalization of the crypto market.
- Financial status and market performance: The company's revenue fluctuates due to volatility in the crypto market, but with its diversified service model and professional financial support, it brings higher transparency and compliance to the industry.
Entrepreneurship: 15 years beyond government
Entrepreneurship is the core force driving social development and technological innovation, particularly playing a key role in the exploration and promotion of emerging technologies. For those who promoted Bitcoin adoption earlier, this spirit is especially evident. The following aspects can help better understand its profound impact on social development:
1. Explore new markets and technological frontiers
The essence of entrepreneurship lies in identifying unmet needs and uncovering emerging technological opportunities. Early Bitcoin proponents (such as Michael Saylor, Elon Musk, Brian Armstrong, Jack Dorsey, etc.) entered the blockchain and cryptocurrency space first, armed with keen insights into the potential of decentralized financial systems. Their actions not only accelerated the technological application of Bitcoin but also built a complete crypto ecosystem.
These entrepreneurs, with their exceptional risk tolerance and foresight, explored the practical applications of Bitcoin in storage, transactions, and decentralized finance (DeFi). For example, Michael Saylor's large-scale Bitcoin investment through MicroStrategy demonstrated to traditional businesses how Bitcoin can serve as an effective tool against fiat currency depreciation.
2. Challenge the traditional financial system
These entrepreneurs play a role as 'financial reformers' to some extent. By promoting the use of Bitcoin, they challenge the traditional financial system, emphasizing the importance of decentralization, transparency, and censorship resistance.
Jack Dorsey: Developed Bitcoin payment technology through Block, promoting financial inclusion.
Brian Armstrong: Built a convenient cryptocurrency trading platform through Coinbase, providing ordinary users with a pathway into the crypto world.
This disruptive behavior against traditional models not only stimulates more financial innovation but also prompts traditional institutions to reassess the potential of digital currencies and blockchain technologies, leading to systematic changes in the financial sector.
3. Promote progress in technology and social cognition
Entrepreneurial spirit is reflected not only in the creation of economic value but also in shaping social cognition. Early Bitcoin promoters faced skepticism and uncertainty, taking concrete actions to enhance the legitimacy and social recognition of Bitcoin.
For example, Elon Musk publicly announced Tesla's investment in Bitcoin in 2021, significantly boosting market sentiment and attracting wider public attention. These entrepreneurs' actions indicate that they do not merely view Bitcoin as a speculative tool, but see its long-term value and potential social benefits.
4. Drive the development of ecosystems
Entrepreneurs driving Bitcoin adoption have become catalysts in the blockchain ecosystem. Their investments and innovations attract capital, technology, and talent, fueling the prosperity of the entire ecosystem.
Bitcoin mining companies (such as Marathon Digital and Riot Platforms) have promoted the development of environmentally friendly mining technologies by expanding network scales and combining with clean energy.
Smart contract platforms (such as Ethereum), decentralized applications (DApps), and the DeFi ecosystem have also accelerated maturity due to these entrepreneurs' actions, providing more innovative financial tools and solutions for society.
5. Take on risks to drive social change
At the core of the entrepreneurial spirit is the bold acceptance of risk. Early Bitcoin advocates ventured into this emerging field despite enormous economic and reputational risks, providing society with an experimental ground that breaks traditional rules. This spirit not only reflects a firm belief in innovation and free markets but also sets a precedent for later cryptocurrency enterprises.
The efforts of these entrepreneurs have transformed Bitcoin from a marginal technology into an important force driving change in the financial system, while also laying the groundwork for future innovation and social transformation.
Parallel timelines: Bitcoin and entrepreneurs' choices
On October 31, news about MicroStrategy's plan to raise $42 billion in the next three years attracted market attention. Wang Feng, founder of Blue Harbor Interactive, later recalled in a post on platform X that in 2019, he had proposed that the company invest $20 million in Bitcoin (then priced below $6,000 each), but faced strong opposition from board members and representatives of a major shareholder, even being threatened with a lawsuit. Wang expressed deep regret about this and stated, 'If my proposal had been implemented in 2019, Blue Harbor Interactive’s cash on the books would now be around 2 billion RMB.'
Wang Feng also mentioned that it was not until early 2023, when he resumed his position as CEO, that the company began implementing its Bitcoin investment plan, but by this time, the price of Bitcoin had risen to $26,000 each. He believes that the missed opportunity from that year has a profound impact on the company's development, reflecting the complex games entrepreneurs engage in during decision-making.
In parallel timelines, four years later, MicroStrategy founder Michael Saylor plans to present his Bitcoin purchasing strategy to the Microsoft board, advocating that companies invest in Bitcoin for a more stable, low-risk financial structure. He even suggests that cash-rich companies like Berkshire Hathaway, Apple, Google, and Meta incorporate Bitcoin into their strategic agendas. He states, 'These companies have a lot of cash but are actually consuming shareholder value.'
However, a calm examination shows that the rise of Bitcoin is not accidental, but rather a comprehensive product of historical events – the global easing policies triggered by the COVID-19 pandemic, the ongoing conflict of the Russia-Ukraine war, and 'black swan events' like the Trump election have all provided a unique backdrop for Bitcoin's prosperity. If these variables were absent, Bitcoin might not have developed as robustly.
Michael Saylor's experience provides a vivid sample for understanding the typical characteristics of American and European entrepreneurs:
1. Outstanding characteristics
Boldness and persistence: Saylor firmly believes that 'to play the game, you must go all in', reflecting a high degree of risk-taking spirit and execution.
Business genius: He keenly captures trends such as the internet, mobility, and cloud computing, driving the rapid growth of MicroStrategy.
Personal charm and influence: He attracts investors with passionate speeches and narratives, shaping his public image as a thought leader.
Pursuit of excellence and luxury: His pursuit of the highest quality of life complements his tight control over company development.
2. Insufficiencies and challenges
Saylor's growth has not been smooth, and his shortcomings and failures are equally significant:
Blind self-confidence and insufficient risk awareness: In the early days of the company, he lacked rigor in handling accounting issues, leading to the accounting scandal and stock collapse in 2000. This exposed his insufficient emphasis on financial management and compliance.
Autocratic management style: Saylor's extreme control over decision-making has led to frequent turnover among executives. His refusal to delegate has limited the team's growth potential, impacting the company's long-term development.
Inability to sustain creative development: Although he has sharp insights, he lacks the patience to turn ideas into long-term businesses. For example, the projects Alarm.com and Angel were sold too early, failing to tap into greater market potential.
Slow response to market trends: He initially doubted Bitcoin's potential, missing the first-mover advantage, and only began to invest in Bitcoin assets in 2020. Although this shift brought success, it also reflected a common conservative attitude towards emerging technologies.
Conflict between luxurious living and management focus: While pursuing a social and luxurious lifestyle, Saylor often neglects business operations due to over-polishing his personal image, which undermines the stability of company management to some extent.
Risk of reliance on a singular strategy: In the later stages, Saylor fully bets MicroStrategy on Bitcoin, which, although yielding huge returns, exposes the company to extremely high financial risks. If the Bitcoin market fluctuates, the company could find itself in trouble.
Saylor's dual nature reflects a typical characteristic of American and European entrepreneurs: sharp business insight coexists with bold decision-making ability, yet is also accompanied by blind self-confidence and concentrated risks.
Saylor's experience shows that corporate decision-making is often shaped by a combination of external environments, personal styles, and historical contingencies. Whether it was the missed opportunity for Bitcoin investment or the aggressive strategy of going 'all in' on Bitcoin, both choices are driving the evolution of the crypto industry. Ultimately, these experiences not only provide lessons for the industry but also shape the grand context of Bitcoin's development.
The 'comeback' entrepreneurs and 'comeback' politicians have brought about a booming bull market for the crypto industry.
In the AI era, the thinking patterns of neural networks
During the gold standard period, the purchasing power of the dollar was supported by multiple factors including the supply and demand for gold, international trade, domestic economic strength, political and institutional guarantees, military and geopolitical factors, social trust, and external shocks. The stable supply and demand of gold were core factors, while international economic rules and domestic industrialization reinforced the global position of the dollar, with political stability and social trust ensuring the long-term stability of the monetary system.
Entering the late gold standard period, the purchasing power of the dollar is mainly supported by the following factors:
Monetary policy and financial system: The Federal Reserve's interest rate regulation, monetary supply management, and the dollar's status as a global reserve currency are the core supports for the dollar's purchasing power.
Economic strength and productivity: The scale of the US economy, its technological innovation capabilities, and its dominant position in global trade have driven the widespread use of the dollar worldwide.
Geopolitical and military power: America's military hegemony and leadership in international affairs ensure the credibility of the dollar in global payments and settlements.
Energy and commodity pricing: The dollar serves as the primary currency for pricing global oil and other commodities (i.e., 'petrodollar'), bolstering its demand and value.
International trust and capital flow: Investor trust in dollar assets makes the US a safe haven for international capital, especially during periods of global economic turmoil.
During the gold standard period, the purchasing power of the dollar primarily depended on the direct support of gold supply and demand and the international economic rules under a fixed exchange rate system. After the gold standard, the purchasing power of the dollar shifted to rely on the Federal Reserve's monetary policy, the US's economic strength, and its dominant position in the international financial system. During the gold standard period, the purchasing power of the dollar centered around the scarcity of physical gold, while in the post-gold standard era, it relied more on the credit monetary system and global trust in the dollar. This transformation reflects the evolution of the dollar from commodity money to fiat money.
The birth and popularization of Bitcoin can be seen as a response to the failure or insufficiency in supporting the purchasing power of the traditional monetary system, specifically manifested as follows:
Against inflation and currency depreciation: The Federal Reserve's loose monetary policies (such as quantitative easing) and consistently rising inflation have weakened the purchasing power of fiat currency. Bitcoin, as a fixed-supply asset, guarantees scarcity through algorithms and is regarded as 'digital gold,' providing investors with tools to combat currency depreciation.
National debt crisis and trust deficit: US debt continues to hit new highs, and market concerns about national credit are increasingly intensifying. Fiat currency relies on national credit, but excessive debt may lead to economic imbalance. The decentralized nature of Bitcoin makes it less directly influenced by any single government policy, enhancing trust in its long-term value.
Demand for economic and financial freedom: The traditional financial system is often constrained by regulations, monetary controls, and cross-border payment barriers, limiting the economic freedoms of individuals and enterprises. Bitcoin, on the other hand, provides the ability for peer-to-peer transactions, bypassing bank intermediaries to achieve efficient, borderless value transfer, fulfilling the need for economic autonomy.
Expectation of the denationalization of currency: Currency has long been dominated by national issuance, but this model is vulnerable to damage in international competition and political interference. The emergence of Bitcoin represents the practice of economists’ thoughts, such as Hayek's 'denationalization of money,' escaping control from governments and central banks through decentralized mechanisms, becoming a supranational currency based on trust in code.
Technological revolution and financial innovation: The transparency, security, and immutability brought by blockchain technology respond to the trust deficits and inefficiencies in the traditional monetary system, paving new paths for decentralized finance (DeFi). Bitcoin, as the first application of blockchain, has pioneered a new paradigm for technology-driven currency.
The emergence of Bitcoin can be seen as a product of the global monetary system's crisis of trust. Unlike the gold standard period, which relied on the scarcity of gold, and the post-gold standard period, which relied on national economic strength and financial policies, Bitcoin's purchasing power stems from technological transparency, scarcity, and an alternative to the failure of traditional economic power structures. It is not only an asset but also represents people's pursuit of a fairer, freer, and more decentralized economic future.
From the perspective of neural networks, this evolution can be explained by neural network models: during the gold standard period, the purchasing power of currency was influenced by the supply and demand for gold and the military strength of the economy, which were the main components at that time. By the late gold standard period, the main components of the dollar's purchasing power shifted to Federal Reserve regulation and commodity pricing. In the era of cryptocurrency, the friendliness of government policies compensates for the legal shortcomings of cryptocurrencies and indirectly provides them with economic and military strength assurance, but at the same time, it also somewhat weakens Bitcoin's decentralized characteristics. As social consensus forms, trust becomes the main supporting factor for currency purchasing power. With the development of this trend, crypto assets will gradually reduce their dependence on legal principles and even have the ability to summon economic or military strength, making the trend of cryptocurrencies unstoppable.
The core of the neural network approach lies in the nonlinear transition of influence ranking of the same parameters (factors) across different neurons in the process from signal input to result output. Each neuron is a custom multidimensional model, where parameters and functions are regenerated. The last neuron of the current currency purchasing power model sees consensus and 'limited total currency supply' as the most important principal components, which will no longer be Federal Reserve monetary policies, commodity pricing, and economic strength.
Entrepreneurship stimulates the vitality of the market economy
Currently, many countries (such as parts of South America) experience a disconnect between organization and market, neglecting the fundamental principle of matching productivity with production relationships. Some regions use inappropriate standards to select talent, similar to designing training systems and assessment standards based on the knowledge density and difficulty of 'aerospace', only to select workers who can 'build skyscrapers', which not only leads to waste of production resources but also results in deformity and irrational resource allocation. Society thus wastes a large amount of human and material resources, while a massive wave of unemployment exposes the insufficient economic vitality, unable to effectively absorb this portion of labor resources.
If we compare entrepreneurship to plankton in nature and Spice Melange in the dunes
Plankton are usually tiny, with a density close to water, and cannot swim actively, thus drifting with the water flow. They adapt to a floating environment and often have structures that increase buoyancy, such as protrusions or flattened bodies. Phytoplankton produce a large amount of oxygen through photosynthesis, accounting for more than 50% of the Earth's oxygen supply. They reproduce rapidly and are extremely sensitive to environmental changes (such as temperature, light, and nutrients).
Plankton are the foundation of the aquatic food chain. Phytoplankton, as primary producers, provide energy to higher-level organisms, while zooplankton, as consumers, further transfer energy. They also participate in the global carbon cycle, regulating the climate by absorbing carbon dioxide and releasing oxygen, while supporting material cycles and providing nutrients for ecosystems.
Spice Melange is an indispensable resource in the universe, with effects that extend life, enhance health, and bestow extraordinary abilities on humans. Its most important function is to enable interstellar travel. Ingesting Spice Melange grants navigators of the Guild the ability to foresee, ensuring the safety of faster-than-light travel. Additionally, Spice enhances the perceptive abilities of organizations like the witches and has long shaped the physiology and culture of the Fremen.
Spice Melange only exists on the desert planet Arrakis and is generated through the life cycle of sandworms. Its formation process is constrained by specific conditions: an extremely arid desert environment, high-temperature climate, and unique ecological reactions. The desert surface of Arrakis is the first interface of material and air interaction, and the generation of Spice Melange relies on sandworms decomposing organic matter, transforming minerals, and unique biochemical reactions.
Spice Melange is the core of the Arrakis desert ecosystem, coexisting with sandworms, influencing the entire planet's food chain and environmental balance. At the same time, it endows the Fremen with unique cultural and religious significance. From a cosmic perspective, Spice Melange is the cornerstone of economy and power, controlling interstellar trade and social stability. However, the ecological dependence and scarcity of Spice production make it a center of power struggle and environmental vulnerability.
Through the analogy of 'plankton' and 'Spice Melange', it can be seen that active economies require the 'mayfly state' brought by entrepreneurs to support a thriving and vibrant ecosystem. In terms of social information dissemination, a 'breath state', meaning frictionless communication, is needed.
How the Federal Reserve 'steals' the rights and contributions of entrepreneurs.
The decline of certain industries in the US can be attributed to a variety of complex factors, with the core issue lying in globalization, technology transfer, policy missteps, and capital-driven short-sighted behavior. In the latter half of the 20th century, the wave of globalization propelled manufacturing to transfer to countries with lower labor costs, particularly in Asia, leading to a gradual shrinkage of the US domestic industrial base. Meanwhile, technological outsourcing and intellectual property transfers exacerbated the US's competitive disadvantages in high-tech manufacturing. Additionally, US policies have long favored the development of financial and service industries, neglecting support for traditional manufacturing. Tax policies, trade policies, and regulatory frameworks have failed to effectively protect local industries. The short-term profit orientation of capital markets has led companies to prioritize profit maximization over long-term research and infrastructure investments.
The above represents the surface of the decline of American industries, while the core of the decline lies in the Federal Reserve's periodic release of liquidity to the global market through adjustments in monetary policy. This has made many global businesses and countries vassals of its policies, leading to a thriving financial sector and a decline in the real economy. In a highly inflated environment, the supporting productivity is at an extreme disadvantage in competition with developing countries. During the Federal Reserve's interest rate cuts, quality companies and zombie companies indiscriminately absorb liquidity, while those leveraging capital to chase profits gain better development and expand their balance sheets; companies focused on R&D even lag behind financialized zombie companies. When the Federal Reserve tightens liquidity, the bubbles of zombie companies burst first, leading society back to healthy competition, but many quality companies miss out on a development cycle.
The Federal Reserve, as the core regulatory institution of the US financial system, formulates policies based on multiple considerations including employment, inflation, economic growth, financial markets, and the global economy. Its goals are to achieve sustainable economic development, price stability, and financial security, while maintaining the international status of the dollar.
However, today's result is that the US is heavily indebted. Although the Federal Reserve's policies aim to achieve sustainable economic development, each policy adjustment has beneficiaries and victims. The financial sector even saw Musk criticize the Fed for lagging behind market actions in its rate cuts, while Trump accused the Fed of lowering rates to benefit the Democratic Party in elections, only to later call for accelerated rate cuts to promote economic growth. However, the cost of such growth could lead to inflation, once again eroding the purchasing power of the dollar.
The above points suggest that the Federal Reserve's monetary policy may have led to distortions in market and entrepreneurial behavior. The Federal Reserve lacks the ability to determine which are zombie companies and cannot decide who should burst during a bubble or wither in a liquidity tightening. The correct approach is to let 'what belongs to God return to God and what belongs to Caesar return to Caesar,' allowing entrepreneurs to allocate capital as a productive resource. In the context of constant total currency, entrepreneurs should compete for financial resources and take responsibility for their actions. This allows entrepreneurs to become the主体 of the market and drives the operation of the financial system in the most personal and efficient way. However, in times of ideological conflict and market correction failures, if the market and entrepreneurs dominate the operation of the monetary market, it could lead to extreme chaos. Nevertheless, for the sake of market fairness and efficiency, it is worth attempting. A fair market and extreme capital efficiency can discover the most valuable tracks and assets, laying the foundation for prosperity.
For non-US companies, it is often easier to be affected by changes in the Federal Reserve's monetary policy. Since these companies operate in not completely free and open markets, they usually need to pay higher costs than US domestic companies when absorbing dollar liquidity, which can easily lead to heavy debt burdens and financial pressure. The feeling of dollar liquidity withdrawal is particularly evident at the beginning of a liquidity tightening cycle. During this cycle, companies in developing countries tend to experience faster declines due to their productivity and production relationships lagging behind their US counterparts. Some countries, while following the Federal Reserve's monetary policy cycle, confidently attempt to break away from it, trying to exceed the Fed's interest rate hikes or cuts, despite lagging in the market and financial sectors. However, this dissonance becomes a heavy burden for entrepreneurs – in the case of rate hikes, US 'quality companies' often withstand the pressure and even achieve growth, while non-US companies find it difficult to survive in imperfect market environments, facing bankruptcy and contraction. The cost of monetary easing is even more severe.
Summary
Publicly traded companies holding large amounts of Bitcoin not only reflect confidence in this crypto asset but also mark the transformation of Bitcoin from a niche investment tool to a global financial core asset. This mode of participation deepens the connection between Bitcoin and traditional capital markets, enhancing its legitimacy and stability, injecting vitality into the entire cryptocurrency ecosystem. However, these companies must also face risks brought by price volatility and policy uncertainties.
The entrepreneurial spirit, during the adoption of Bitcoin, not only accelerated the spread of technology but also promoted the transformation of the financial system, facilitating further economic and social openness. Early advocates, with their vision, innovation, and risk-taking spirit, paved the way for emerging technologies to establish themselves in mainstream society, while also reminding us to adopt a more open and inclusive attitude towards potential changes and opportunities when facing new technologies.
It is worth noting that while most countries are gradually relaxing the development of the crypto industry, they should avoid monopolization of the development of the third generation of the internet by Web2 tech giants and capital. There should be an opening and protection of pathways for contemporary youth's upward mobility, as monopolization is not a manifestation of entrepreneurial spirit.
At the end of this article, a question is posed for readers to ponder: Can a zoo-like society produce the intergenerational turnover and evolutionary efficiency of the African savannah?
