#比特币投资布局 Jen-Hsun Huang's words triggered my reflection on the past decade. When I first entered the crypto world in 2011, very few people understood what Bitcoin's energy consumption meant—most criticism focused on the accusation of "wasting electricity." However, this statement from the CEO of Nvidia precisely reflects the evolution of the entire narrative.

The transformation of energy into liquid value is not a new concept. Historically, the places where gold was discovered were often remote and desolate, which was worthwhile to transport due to its high value. Bitcoin digitizes this logic—turning energy from different geographical locations with large differences in electricity costs into assets with global liquidity through mining.

Looking back at the bull market cycle of 2017, many overestimated short-term gains while ignoring the deepening of this underlying logic. By 2021, one of the real reasons institutions entered the market was that they recognized this energy allocation framework. Now, even chip giants are using "currency" rather than "commodity" to define Bitcoin, which means that the narrative level has already been upgraded.

In terms of layout, this is not a signal for you to chase the high, but rather a reminder of the differences between this cycle and previous rounds — the underlying support has become more institutionalized and penetrating. History tells me that real opportunities often arise when the grand narrative is stable but prices have not yet fully reflected it. We are currently right in this window.