#数字资产生态回暖 What will Bitcoin look like in ten years? Honestly, this is hard to say.

Let’s look at the recent market trend—since 2020, $BTC has skyrocketed from $7,200 to $91,000, a 12.6x increase, crushing the US stock market’s growth by ten times over the same period. Such growth is indeed crazy, but there’s a logic behind the madness.

Let’s review the story of the crypto world over the past few years: from 2020 to 2022, global central banks flooded the market with liquidity and people stayed at home due to quarantine measures. A group of wealthy, idle investors first brought digital assets into the public eye from the small circle. By 2023, spot ETFs for Ethereum and Bitcoin were launched one after another. Facing a $2 trillion market cap, major Wall Street institutions had no choice but to acknowledge them, igniting enthusiasm among retail investors and institutions alike.

In 2024 and 2025, things changed—US policy tilt and accelerated legalization of cryptocurrencies marked the strongest positive signals in the industry’s history. Bitcoin once soared to $125,000, causing the entire market to ride a roller coaster. This rapid increase ultimately stems from Satoshi Nakamoto’s initial hype gradually coming true: a decentralized asset capable of challenging sovereign currencies, sounding wild and imaginative enough.

But this also reveals the current issues: first, prices have already soared to unreasonable levels; second, the stories to hype are running out. Some expect the government to step in, like the US government acquiring Bitcoin, but that idea may be overly optimistic—currently, the White House holds about 200,000 BTC, and just holding without selling would already be a great achievement.

What’s more painful is that recent trends in crypto assets are increasingly synchronized with tech stocks, with their unique characteristics almost disappearing. When a former outsider begins to imitate mainstream practices, it might be close to decline. The market is looking for the next outlet of imagination, but where that outlet is remains unclear in the short term.