Bitcoin, blockchain has developed for so many years! Is its biggest application just consensus?

1. It is a "product of consensus," not a "product of material"
* Gold/Copper: Holding it in your hand feels heavy, and industrial production depends on it. Even if the world is in chaos, it can still be used for jewelry, wires, and chips. This is the underlying value brought by physical properties.
* Bitcoin: Its value is entirely based on the algorithmic consensus of "I believe it is worth money, and you also believe it is worth money." Once market sentiment shifts and people start pursuing "tangible" assets (physical assets), this consensus can become as fleeting as air.
2. The hedging logic of "digital gold" is being proven wrong
Previously, the most popular story in the crypto world was: Bitcoin is digital gold and can hedge risks.
But in the 2025 market trend, everyone found:
* When real war/actual inflation occurs: Gold and silver prices skyrocket.
* During market risk aversion: Bitcoin instead falls along with the US stock market, even dropping more sharply.
This is quite awkward—if it doesn’t rise during risk aversion, and doesn’t outperform physical assets during inflation, then in many large institutions’ eyes, it becomes a **"high-leverage pure speculative digital asset,"** which is not far from "air."
3. The "makeup remover" of regulation and liquidity
As global regulation tightens in 2025, the premium of Bitcoin as a "money laundering tool" or "illegal territory" is squeezed out. When liquidity tightens or funds retreat to non-ferrous metals, everyone suddenly realizes: it has no industrial support, no dividends, and apart from waiting for someone else to buy at a higher price, it seems to have no other use.
Of course, the other side of the coin is:
For Bitcoin believers, "air" is its charm—it has no weight, is not controlled by any实体, and is purely mathematical. But in the **2025 end-of-year market where "physical assets reign"**, telling this kind of sentimental story indeed cannot directly trigger涨停板 like gold and silver.