This dialogue in Hong Kong is not just about numbers; at a deeper level, it’s a collision of two sets of financial logic.

On one side is the old-school approach of the industrial era—focusing on cash flow, assets, and long-term operations. This system has persisted from corporate financing to capital markets, remaining stable but conservative. On the other side are new players from the internet and blockchain era, who emphasize network effects, protocol value, and open collaboration. These two logics are not about right or wrong; they are simply products of their respective times.

The interesting part is that when traditional authorities are still hesitating and the market is still observing, it actually presents the biggest opportunity for strategic positioning. The moment Bitcoin is dismissed by traditional investors coincides with its valuation being most flexible. True excess returns often come from understanding things that most people have not yet grasped, rather than following the herd to chase high prices.

Traditional value investing focuses on corporate profitability and safety margins. Crypto assets are different—they derive their value from network size, user engagement, and consensus strength. A network like Bitcoin is fundamentally an open protocol with governance and usage rights, and its growth logic is entirely different. The larger the network and the more users it has, the stronger the overall ecosystem’s value. This is not a negation of corporate investment principles; it’s simply a new form of market evolution.