Imagine, just imagine, if MicroStrategy collapses, then Bitcoin dropping to $20k is highly likely. A big shot once told me before that we might see Bitcoin with a $20k price tag again. I didn’t believe it. After seeing what Dayu posted and thinking about the offline meetup where everyone discussed this, plus the current geopolitical turbulence, Bitcoin isn’t rising—why? The big shot made a good point: if Bitcoin ends up being just another U.S. tech stock and loses its narrative as a hedge against fiat currency, is it still sexy? What did Satoshi Nakamoto write on the block back then? Something about the Chancellor of the Exchequer—I don’t remember the exact words. Now, with increasing regulation, if Bitcoin strays from its original purpose, will the believers still believe? This is undoubtedly a huge test. Of course, Steel Bro said it well: this is a bear market, which is why there’s so much reflection.