Yesterday, an old friend reached out to discuss whether Bitcoin has 'disconnected' from mainstream assets like US stocks and gold. From another perspective, what most people see as a correlation is essentially a psychological illusion created by short-term price relationships, rather than a true reflection of asset characteristics.
Since I entered this space, I have emphasized that crypto assets are crypto assets; they are not accessories to any old financial system.
Even today, Bitcoin has not been fully accepted by the mainstream, not because it is not mature enough, but because politicians are unwilling to relinquish power, mainstream capital is unwilling to deny the old financial infrastructure on which they rely, and many ordinary people are still unaware that their wealth is being silently diluted.
Crypto assets are inherently non-mainstream assets that are gradually dismantling the underlying structure of the previous generation of financial systems. Prices may move in the same direction in the short term, but their fates are not on the same track.
What it truly challenges are the rights to issue currency, the authority to make settlement decisions, the ability to freeze assets and levy taxes, and this path inevitably touches the vested interests of the previous generation of financial infrastructure.
For the past two years, I have been emphasizing 'broadening our vision.' From the systematic rise of commodities to the periodic prosperity of the stock market, the global trade and financial system built around the United States is being dismantled. Today's globalized system was established by the US, and today, it is also the US that is dismantling it.
What you are buying is not Bitcoin or other cryptocurrencies, but your own property rights. Just like the story of the Five Dynasties and Ten Kingdoms I mentioned a few days ago, Huang Chao's line 'When autumn arrives on September 8, I will bloom and the hundred flowers will die,' the meaning of this poem is not about slaughter, but rather that the old order can no longer provide him a path for promotion, and he must fight for it himself.
Currently, the old financial system has also lost its path for ordinary people to advance, and the valuations of major unicorns have reached sky-high levels～
