Newcomers often ask in the group: 'How much has this coin increased?' The underlying message is that if others have already made 100 times their investment, they are reluctant to buy in, fearing they will become the 'last holder.' Similar situations arise with a coin we once followed; after it has skyrocketed by 10 times and left them behind, the psychological barrier to enter again becomes very high, and it's hard to convince oneself to chase the price.

In fact, projects in the crypto space typically go through several key stages:

1M Market Cap: At the idea stage, the project is just starting, and certainty is extremely low.

10M Market Cap: Startup phase, starting to take shape, but risks remain high.

100M Market Cap: Entering the growth project stage, market recognition gradually increases, and certainty strengthens.

1B Market Cap: Unicorn project stage, widely accepted, and risks are relatively low.

Different stages correspond to different scales of funding and risk preferences, which also determine the investors' return expectations.

Early players might buy in at the 1M market cap with extremely low certainty, for example, investing 1,000 yuan. As the market cap rises to 100M, they achieve a 100 times return, making 99,000 yuan. Meanwhile, you might buy in at a stage with higher certainty (like 10M or 100M market cap), investing 50,000 yuan. Although the increase is only 10 times, you ultimately earn 450,000 yuan — an absolute return far exceeding that of early players.

Investing is like driving; the focus should be on the windshield ahead, while occasionally glancing at the rearview mirror. Reflecting on history is meaningful, but it's more important to see the opportunities ahead. Ultimately, we are all 'holders' of $BTC, but the timing and method of buying in determine the final outcome.