#比特币市场周期与价格 It's really a bit funny to see people comparing Bitcoin to the tulip bubble again. After experiencing 17 years and 6 to 7 rounds of severe falls, it can still repeatedly refresh its historical highs. How can this be something that gets completely eliminated in just three years?

What struck me the most is this set of data: Even with the pullback this year, Bitcoin has still risen 250% over the past three years, and last year it skyrocketed by 122%. Even if it stays flat in 2025, the long-term average annual return remains steadily around 50%. This kind of resilience cannot be explained by a bubble.

The real difference is that tulips represent a structure of "one-time frenzy + crash," while Bitcoin shows a completely different vitality. Each round of fall acts as a self-purification of the market, filtering out the true believers and long-term builders. Gold and artworks are also non-productive assets, yet they have been historically validated as stores of value, and the logic of Bitcoin is actually the same.

These cyclical fluctuations are, for long-term participants, the best textbook for understanding the essence of decentralized assets. The market is teaching us what true scarcity and consensus value are.