CZ's judgment is more useful than simply explaining the decline.


He didn't attribute the first-half crypto pullback to a single cause, but instead looked at geopolitical risks, AI sucking away hot money, and the four-year cycle together.
I think the key is the AI layer.
If AI is just temporarily draining liquidity, then crypto isn't being replaced—it's just waiting for the next round of capital reflow.
But if AI capex becomes the new main narrative for capital markets, crypto's recovery will have to present stronger financial utility. #0成本拿2股SK海力士
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