I have a few friends around me who have achieved financial freedom through BTC. One has been holding since 2015-2016 and has already relaxed by 2019; another started deploying in 2017 and has been holding until now. I recently met one of them in Japan, and he’s still urging me to invest funds into crypto assets, firmly believing that BTC is far from reaching its peak. To put it plainly, wealth is a mirror of one’s level of cognition—looking back, since the birth of BTC, very few people have truly held on.

In the past two years, RWA (Real World Asset on-chain) has become a hot topic, and the gameplay has completely changed. If you want to carve out a share in the secondary market, your due diligence ability needs to be several magnitudes higher than when buying BTC back then. You can no longer blindly bet, because some underlying assets of certain targets might just be trash.

From the issuer’s perspective, the core demand is quite clear: tokenize assets, lower the participation threshold, and allow more investors to come in with less money. From the investor’s perspective, first, you need to ask a few tough questions—are these real assets really reliable? Are the assets themselves compliant and legal? Can they generate measurable and predictable returns? If you can’t see stable cash flow, then it’s still in the "resource" stage and cannot be considered a true "asset." Additionally, it’s important to see whether the data before on-chain deployment can reach consensus on the chain, as these directly affect the token’s value anchoring.

The window of opportunity is right in front of us—domestically, RWA tracks are expected to gradually open up after 2027. By then, among those targets already on-chain, several dark horses are sure to emerge. As investors, it’s currently very difficult to distinguish good coins from bad, but when you truly see the difference, it’s already market consensus, and the lowest-cost opportunities will have been missed. The saying "fortune favors the brave" sometimes means exactly this.