December 5, 2024

With less than a month until 2025, BTC has historically broken through $100,000. Starting as a social experiment, the initial value anchor was 10,000 BTC = 2 pizzas, then 20,000 RMB in '94, followed by $20,000, then $75,000, up to the current $100,000, a super significant milestone that everyone will pay attention to. I just want to say: thank you BTC, thank you Satoshi Nakamoto, and of course, thank you to everyone in the crypto world for their persistence. This is a great and successful social experiment, and in the future, more people will know about it.

Regardless of whether you own BTC or whether you have made money in the crypto world, for every trader, the price of BTC is the best validation. I vaguely remember in 2017 when I resolutely left the A-share market and went all-in on crypto, my relatives and friends looked at me with disdain and skepticism. Only my closest family chose to support me, and it was unconditional support; they did not understand my actions. As BTC's price keeps reaching new highs, people no longer talk about crypto with fear, and some even feel a bit envious.

Now BTC's total market cap has surpassed $2 trillion, with the known ceiling being gold's $18 trillion (already surpassing one-tenth of gold's market cap). The only entities with a market cap higher than Bitcoin are giants like Apple, Nvidia, and Amazon. I don’t know where BTC's future price will go, but I think it is only a matter of time before it surpasses these internet companies, meaning its price will double again. Of course, my previous estimate for this bull market's BTC was between $100,000 and $150,000, and it seems that BTC is undervalued while ETH is slightly overvalued.

Of course, the price of ETH in this bull market at $10,000 is not without opportunity. Since breaking through $3,000, ETH's trend has been strong, and it is also a target I personally hold a large position in. Although it hasn't surpassed BTC so far, each bull market is quite similar: first Bitcoin, then mainstream, and then altcoins, with ETH being the king of altcoins. Once there is heat and capital, it can rise very quickly, especially since the recent inflow of ETFs has been very strong. Overall, I believe we have already gone through about one-third to half of the market, but the latter half will be even crazier due to a lack of liquidity (market reluctance to sell), and prices can easily spike to high points, which is similar to the lack of liquidity in bear markets. So everyone does not need to worry about the market being halfway through; the bull market is still on, and Bitcoin breaking $100,000 also provides momentum for the upcoming market.

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