#BTC市值创新高

Bitcoin's market value has reached a new high. Is this a return of the bubble, or a paradigm shift?
Bitcoin's market value has reached a historic high, and many are exclaiming that "the bubble is back." However, unlike in 2017 and 2021, this round of market activity is not driven by retail investors, but rather led by institutions, sovereign funds, and tech enthusiasts. This reflects a fundamental shift in the identity of Bitcoin.
In the past, Bitcoin was seen as a speculative asset; Now, it is becoming an important component of the "new economic paradigm". This is reflected in the skyrocketing market capitalization. Just as the Internet could not be fully understood by the traditional economy when it was first born, Bitcoin is now undergoing a transition from "heterogeneous" to "cornerstone asset".
Its core logic is "decentralization of trust": traditional currency trust comes from state machinery, while Bitcoin is based on cryptography, algorithms, and open-source consensus. Once this trust model is widely recognized, it will reshape asset allocation logic.
Of course, this does not mean that the risk disappears. Regulatory games, black swan events, and technical deficiencies still exist. But if the rise in market capitalization is the beginning of a paradigm shift, then the decline is the real buying opportunity, not panic.
Looking at Bitcoin through the lens of a traditional bubble is like looking at AI with a steam engine, which is anachronistic. The record high of BTC's market capitalization is not a bubble resurgence, but a paradigm counterattack. The game of global assets is rewriting the rules in this way.