The hardest things in this world are the rarest and most valuable.

It used to be difficult to get into college, but now it's not so hard. However, getting into 985 universities like Tsinghua, Peking University, and Zhejiang University is still challenging. Therefore, Tsinghua, Peking University, and Zhejiang University are valuable.

Exercising is easy, so many people work out, but losing weight is hard, which is why a good physique is also valuable (psychological value).

Working is easy, but making money is difficult. If you miss the right timing or even if you are in a good period but don't do things correctly, it can still be tough.

It used to be hard to go abroad, but now it's very convenient, so the value of "润" (referring to going abroad for a better life) is decreasing.

Is Bitcoin scarce? There are still 21 million Bitcoins, and they can be further divided, so Bitcoin is not scarce. Scarcity lies in whether it can attract people's attention and incite their pursuit.

So far, Bitcoin is still a function of liquidity overflow and can be treated like high-leverage tech stocks.

The monetary value of Bitcoin, its equivalence to gold, etc., are still narratives. We see no application in currency and no synchronization with gold trends.

Here comes the question: this round will be driven by national reserves as the highest narrative of this bull market. What will drive the next round?

Firstly, I believe the liquidity in the next round will be even better; it can't possibly be worse than this round.

As for the narrative, it can be completely fabricated; we can't guess what it will be right now. Just like a year ago, who could have predicted the U.S. national reserves?

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