Many people may not realize that the perception of Bitcoin is undergoing changes. Except for the relatively localized area of China, other regions around the world are slowly opening the doors to Bitcoin. For example, top-ranking companies are beginning to gradually express their intention to reserve Bitcoin; Bitcoin ETFs are entering the US stock market, the Hong Kong stock market, and the European market; the number of cryptocurrency enthusiasts in South Korea exceeds that of stock investors; Trump announced that the US government will continue to purchase Bitcoin over the next five years; Wall Street is starting to allocate Bitcoin for big clients as part of asset allocation; in many cities in Dubai and Europe and the US, you can buy houses directly with Bitcoin; many large foreign banks are beginning to support the direct buying and selling of Bitcoin within their own apps; even a country as conservative as Russia has lifted its ban on cryptocurrencies.

The emergence of any destructive new thing will inevitably undergo five stages in people's mindset: invisible, undervalued, incomprehensible, too late, and unable to catch up.

Why is it invisible? Many people think it's because the information channels are too narrow, but that's not entirely correct. The more essential issue is that the cognition is lacking, and the knowledge reservoir is not keeping up, which may lead you to have seen some information somewhere long ago but have no awareness of its existence due to the lack of intersection with your knowledge background.

Why look down on it? Because new things are very weak in the early stages, and the circle is small. If you don't delve into understanding its destructive power, it is easy to underestimate it by directly comparing its early stages with the later stages of giants. This seems to be laziness, but it is actually a lack of knowledge reserve. It takes a lot of effort to understand it deeply, and it takes effort to comprehend it, which is why it seems lazy. If you have relevant thinking reserves, and deep understanding only requires filling in some gaps in knowledge, you are likely to delve deeper.

Why can’t we understand? When new things survive after being battered by the remnants of the old world time and again, people will only be willing to take a look when they see it can’t be killed. Once they look and find it hard to understand, that’s normal. If it were easy to understand, its destructive power would usually be much smaller. At this point, many people want to participate but hesitate; the essence is that they do not understand, so they take no action. Even if they do act, they cannot hold on to it and do not play well.

But the development of new things is like this: when it is very weak, even if its scale multiplies, you will not notice it. Only when the absolute value reaches a perceptible change will you be shocked. And when you are shocked, it will be too late to catch up.

In the early days, Bitcoin was outside of the mainstream world, so whether in trading, storage, or the entire blockchain industry's innovation related to it, progress was very slow—though it had clearly made great strides. However, due to the difficulty most people faced in entering this market, everyone still could not see its progress. Until it gradually became one of the assets with the largest market capitalization in the world, the mainstream world began to open channels for it, making it easier for the general public to enter. Its subsequent progress will accelerate!

Those who have experienced a 20-year rise in housing prices in China will understand very well that the explosive rise in urban housing prices originates from urbanization and farmers moving to cities. It's like a spring that has been compressed to the extreme suddenly being released, causing a drastic imbalance in supply and demand in a short period of time, which then led to a 20-year real estate bull market. Similarly, the story of Bitcoin is just beginning the moment it can be easily accessed by the mainstream world.

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