#夏日创作营

CZ is optimistic about the next year because he believes BTC will definitely rise. But I think what he’s truly betting on isn’t the price—it’s the trend. In recent months, the SEC has continued to ease regulation, ETF products are becoming increasingly diverse, and institutions are steadily buying BTC. More and more traditional financial institutions are starting to build in blockchain.

Institutions are gradually opening the door to the crypto market. Previously, many institutions wanted to buy but couldn’t. Now, more and more institutions want to buy—and they can. This is the real change.

Crypto asset penetration is still below 1%. What he’s probably trying to say is that this market is only just beginning to be accepted by mainstream capital. The biggest incremental growth in the future may not be retail traders, but banks, funds, pension funds, insurance capital, and an increasing number of listed companies.

So I’ve always believed that what truly drives the next market cycle may not be FOMO, but more and more traditional capital treating crypto assets as a normal asset allocation. And when an asset starts getting allocated by institutions, the story often has only just begun.