Since last year, every now and then in the comments at the end of my articles, I would see messages like the ones below:

The crypto ecosystem is dead, only Bitcoin remains.

What else is there in the crypto ecosystem besides Bitcoin?

......

Setting aside the fact that the viewpoint of “the crypto ecosystem is dead” is not worth refuting, even if we only look at the latter part of these viewpoints, it seems that these readers can still “stick to” Bitcoin.

In my view, deep down, they probably do not believe in Bitcoin either.

The reason they appear to still be “holding on” to Bitcoin is that there haven't been enough influential people spreading negative news to scare them.

However, over the past two years, “negative” news has begun to emerge continuously.

The year before last, when Bitcoin was over $100,000, the media reported intermittently on institutions buying Bitcoin.

At that time, I wrote in an article (the gist was):

I don't think these institutions are really buying due to an understanding of the logic behind Bitcoin's appreciation; it's more likely that they are just following the trend. So I estimated that once Bitcoin enters a bear market in the future, these institutions will also sell their Bitcoin following the trend.

Sure enough, in the past year or so, there have been constant reports of institutions selling Bitcoin.

Today, I want to share an even more influential and more “negative” piece of news.

The veteran of the crypto ecosystem, Mark Cuban, recently publicly stated in an interview (details in the reference link at the end of the article) that he has sold most of his Bitcoin holdings.

After this action was exposed, the overseas community went into a frenzy.

I won't elaborate on Mark Cuban's background and influence in the crypto ecosystem; everyone can search for it online.

Regarding this action, he explained:

“Confidence in Bitcoin as a hedge against currency devaluation and geopolitical instability has weakened. Cuban said on the podcast that after the outbreak of the Iran War, gold rose significantly while Bitcoin fell. Bitcoin should have risen when the dollar fell but did not, which disappointed him. Cuban previously called Bitcoin a better version of gold, with about 60% of his crypto portfolio in Bitcoin. He now expresses that his disappointment in Bitcoin is greater than in Ethereum and refers to most other cryptocurrencies as 'garbage.' Cuban's comments highlight the broader debate in the market regarding Bitcoin's role as 'digital gold.'”

In fact, some of his viewpoints are not new to me at all.

For example, last year I believed that Bitcoin is not digital gold, and its market characteristics are very different from gold, which is very similar to his view.

Seeing such a influential veteran's actions sparking a debate about Bitcoin's “digital gold” role, and that he has sold off most of his Bitcoin, why not honestly face yourself and openly ask yourself:

Are you starting to doubt Bitcoin?

Now, let me discuss the points where my views differ or are even completely opposite:

- He has “weakened confidence in Bitcoin as a hedge against currency devaluation and geopolitical instability.”

My confidence remains unshaken; I just think that the time has not come yet, and once the time comes, all the governments in the world will be awakened.

Furthermore, I believe:

Looking further ahead, the greater driving force behind Bitcoin's appreciation comes not from being a hedge but from the prosperity of the crypto ecosystem.

- “He now expresses disappointment in Bitcoin greater than in Ethereum.”

I would prefer to phrase it like this:

I am very optimistic about both Bitcoin and Ethereum, but I believe Ethereum has a better future.

Additionally, I just mentioned that I believe the greater driving force behind Bitcoin's appreciation is from the prosperity of the crypto ecosystem. The smart contract public chain that can bear the responsibility of a prosperous ecosystem currently seems to be only Ethereum.

- “Cuban previously called Bitcoin a better version of gold.”

In terms of long-term appreciation potential, I still believe Bitcoin is better than gold.

Back to Bitcoin.

I have mentioned that I believe I will see Bitcoin reach $1 million within my lifetime.

In fact, many people (whether they genuinely believe it or not) say the same thing, but being able to make money when Bitcoin reaches $1 million is not an easy task.

It is certainly not as simple as you think that buying it and just leaving it there will suffice.

Because in this process, you will face repeated blows, repeatedly shaken confidence, repeatedly doubt yourself and others, and repeatedly be tempted to sell it.

What might be even more desperate is that, at your most vulnerable moment, you may discover that a certain influencer you know suddenly doesn’t hold a positive view anymore, just like today’s Mark Cuban.

Will you still be able to hold on?

There will be a voice in your heart continually tempting you: it might be better to follow the crowd and sell it.

Many people think Bitcoin is simple and that holding it can easily reap great rewards.

But in my view, even the vast majority of people who still hold Bitcoin will ultimately end up the same; they won't wait to see the day of harvest for various reasons and will exit midway. For them, Bitcoin is just a reflection in the water and a flower in the mirror, and in the end, it's just a grand dream.

Reference link:

https://x.com/PANews/status/2057643266024333705?s=20

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