Are you starting to doubt Bitcoin?

Since last year, from time to time in the comments at the end of my articles, there have been messages like the following:

The crypto ecosystem is dead, only Bitcoin remains.

Besides Bitcoin, what else is there in the crypto ecosystem?

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Setting aside the fact that the view that “the crypto ecosystem is dead” is fundamentally unworthy of rebuttal, even just looking at the second half of these opinions, it seems these readers can still “stand firm” on Bitcoin.

In fact, in my opinion, they are probably not truly convinced of Bitcoin deep down.

The reason they appear to be “holding on” to Bitcoin on the surface is because no sufficiently influential person has issued negative news to scare them.

However, in the past two years, “negative” news has begun to emerge continuously.

Two years ago, when Bitcoin was above $100k, the media would occasionally report on the purchase of Bitcoin by XXX institutions.

At that time, I wrote in an article (roughly):

I don’t believe these institutions are truly buying because they understand Bitcoin’s logic of appreciating in value; a more likely reason is following the trend. So I estimate that after Bitcoin enters a bear market, these institutions will follow the trend and sell Bitcoin again.

Sure enough, over the past year or two, news of institutions continuously selling Bitcoin has been nonstop.

Today, I want to share an even more influential and “negative” piece of news.

Crypto ecosystem veteran OG Mark Cuban recently publicly stated in an interview that he has sold most of his Bitcoin holdings.

Once this move was exposed, the overseas community exploded.

I won’t go into detail about Mark Cuban’s background and influence in the crypto ecosystem; you can search for it online yourself.

Regarding this action, he explained:

“My confidence in Bitcoin as a hedge against fiat currency devaluation and geopolitical instability has weakened.” Cuban said in a podcast that after the Iran war broke out, gold surged while Bitcoin fell; when the dollar declined, Bitcoin should have risen but did not, which disappointed him. Cuban previously called Bitcoin a better version of gold, with about 60% of his crypto portfolio in Bitcoin. Now he says his disappointment in Bitcoin is greater than in Ethereum, and he calls most other cryptocurrencies “garbage.” Cuban’s comments highlight a broader debate in the market about Bitcoin’s role as “digital gold.”

Actually, some of his views are not new to me at all.

For example, I believed last year that Bitcoin is not digital gold; Bitcoin’s market characteristics are quite different from gold, which is very similar to him.

Seeing such an influential veteran OG’s actions sparking debate over Bitcoin’s role as “digital gold,” and that he has sold most of his Bitcoin, you might as well honestly face yourself and open your heart to ask: Are you starting to doubt Bitcoin?

Now, let me talk about some points where my views differ from or are even completely opposite to his:

• He “has weakened confidence in Bitcoin as a hedge against fiat currency devaluation and geopolitical instability.”

My confidence remains unchanged; I just believe the time has not yet come. Once it does, all governments around the world will be awakened.

Moreover, I think: In the longer term, the main driver of Bitcoin’s appreciation is not as a hedge tool but the prosperity of the crypto ecosystem.

• “He now says his disappointment in Bitcoin is greater than in Ethereum.”

I prefer to say: I am very optimistic about both Bitcoin and Ethereum, but I believe Ethereum has a better future.

Additionally, as I just mentioned, I think the greater driver of Bitcoin’s appreciation is the prosperity of the crypto ecosystem. And the blockchain that can shoulder this prosperity is currently only Ethereum.

• “Cuban previously called Bitcoin a better version of gold.”

In terms of long-term appreciation potential, I still believe Bitcoin is better than gold.

Back to Bitcoin.

I once said that I believe I will see Bitcoin reach $1 million in my lifetime.

Many people (whether they truly believe it or not) say this, but making money when Bitcoin hits $1 million is not easy.

It’s definitely not just buying and holding.

Because during this process, you will be repeatedly hit, your confidence will be repeatedly shaken, you will doubt yourself and others, and you will repeatedly feel tempted to sell.

Even more despairing is that, when your confidence is at its weakest, you might suddenly find that a certain influential figure you know also no longer believes in it, like today’s Mark Cuban.

Can you hold on?

There will be a voice in your mind constantly tempting you: just follow the trend and sell.

Many believe Bitcoin is simple, holding it will easily bring rewards.

But in my view, even if most people who hold Bitcoin now end up with the same fate, they will all sell halfway through for various reasons, never reaching the day of harvest. To them, Bitcoin is nothing but a moon in water, a flower in mirror—just a fleeting dream in the end.