CZ: Most 'crypto-equity' companies need to go through at least one winter CZ recently emphasized in his speech that while the market is currently in a bull run, it's important to recognize that markets are cyclical, and a winter—aka a bear market—is inevitable in the future. During such phases, prices can experience significant volatility, and stock prices may drop. He pointed out that most 'crypto-equity' (crypto treasury) companies must go through at least one bear market to truly gain experience. By continuing to hold or even accumulate during downturns, they can average down their costs, resulting in a lower average price. Take MicroStrategy as an example. During their first cycle, they went through a very painful process, but over time, their average holding cost gradually decreased, and they are now benefiting from it. CZ concluded by reminding everyone that a bear market will come sooner or later. Cycles are unavoidable, and industry participants must maintain risk awareness and be prepared to face the challenges of winter. #Crypto #CZ #BearMarket #MicroStrategy