If the Melcalfe network model is used for valuation, the value of the Bitcoin network may have peaked in 2017 at a price of 15000 yuan. Between 1.5w and 8w, the network effect did not increase, so logically, the value did not increase either. What has been added? Asset inflation caused by the overall increase in monetary aggregate. ETF (Liquidity, or Speculator) The favorable policy environment The Bitcoin network has undergone some upgrades, but not much