"Now no one knows where the peak of bitcoin's rally is." I just saw many institutions make complaints about the bitcoin from the past. At present, there are two superficial understandings about the real prospect and outlet of bitcoin: one is too technical, that is, it has been playing on the decentralized and distributed account books, and can not get out of the limitations of technology; the other is to invest in and hype bitcoin and other digital currencies, and gather large and small capitals in the bitcoin market. One goal is to speculate and make fast money.

At the beginning of designing bitcoin cryptocurrency, we must make it clear that Nakamoto's design of bitcoin in 2008 disgusted the hidden plunder of sovereign currency on the wealth of ordinary people or creditors. It is aimed at the ultimate replacement of sovereign international currency. Therefore, the biggest prospect of bitcoin is to become an encrypted international currency, rather than providing the market with a speculative financial product. This purpose must be clarified before we can talk about others. It can be said that at present, such a crazy speculation on bitcoin as the object of financial speculation is aimed at the attribute of international currency, but it objectively leads to the speculation on bitcoin itself as a financial product. The direction is right, the means are wrong.

If the means continue to go wrong, bitcoin will be destroyed. If bitcoin is not over hyped, it will return to the monetary attribute as soon as possible, and go along with the international monetary goal, then the first one with a sense of crisis should be the international currency US dollar, and the second one with great pressure is the currency with strict foreign exchange control, which cannot be freely convertible and mobile.

Back to bitcoin's current intraday price of over $60000. As of 18:00 on April 2, bitcoin's offer hovered around us $59527 per unit, breaking through the US $60000 round mark at one time during the session, reaching an all-time high of US $60190 per unit. There are two reasons: one is that the CME Group plans to expand its business in China The launch of mini bitcoin futures contract on May 3 will help reduce the position risk of small and medium-sized investors, attract them to enter and boost the demand for bitcoin investment; second, coinbase, the largest crypto asset exchange in the United States, will land on NASDAQ on April 14, indicating that the capital market's pursuit of crypto digital asset trading has further increased. These two advantages are not smaller than those of Musk's claim to invest in bitcoin.

Careful observation of the bitcoin market changes this year, I thought the market was not far away, because speculative speculation was too great, and the risk of bubble was too great. Later, it was found that the capital of bitcoin was mainly in the United States. In addition to Musk's support, Goldman Sachs, Motorola, Citigroup, etc. have begun to stand on the side of bitcoin. For example, JPMorgan recently released the latest report that the increasing abundance of bitcoin futures derivatives has reduced its price volatility, which will promote more and more investment institutions to include bitcoin in their portfolio. Once the private sector's investment scale of bitcoin is equal to that of gold, the long-term value of the former will reach US $13 trillion, attracting more investment institutions to catch up with bitcoin. In addition, visa announced that it will allow the use of cryptocurrency usdt to settle transactions on its payment network, and paypal announced that it will allow American consumers to use their cryptocurrency to pay in its millions of online merchants around the world, which also further expands the application scenarios and use needs of bitcoin.

All these advantages give Wall Street investment institutions a premonition that the US regulatory authorities' supervision on encrypted digital assets seems to be easing, which makes them more confident and pushes the price of bitcoin to new highs. The U.S. is the most active and abundant market with the largest amount of capital, and bitcoin, which is targeted by U.S. capital, is likely to continue to rise.

(2021-4-5)