The most difficult thing in this world is the rarest and most valuable. It used to be difficult to go to college, but now it's not difficult anymore. However, it's still difficult to get into the 985 universities in northern Zhejiang, China. So the 985 universities in northern China and Zhejiang are valuable. Exercise is easy, so many people exercise, but losing weight is difficult, so a good body shape is also valuable (psychological value). Working is easy, but earning money is difficult. If you don't catch up with the good times or even if you don't do it right during the good times, it's still difficult. It used to be difficult to go abroad, but now it's very convenient, so the value of "profit" is getting lower and lower. Is Bitcoin scarce? There are still 21 million bitcoins left, and they can be further divided, so bitcoins are not scarce. Scarcity lies in whether it can attract people's attention and arouse their pursuit. So far, Bitcoin is still a function of liquidity overflow and can be treated as a highly leveraged technology stock. The monetary value of Bitcoin, its gold equivalent, and so on, are still narratives. I can't see any currency applications or synchronization with the trend of gold. The question is, this round will use national reserves as the highest narrative of this bull market, what else will be used to drive the next round? Firstly, I believe the liquidity in the next round will be better and will not be worse than this round. As for the narrative, it can be completely improvised, and we can't guess exactly what it is now. Just like a year ago, who could have guessed the US national reserves?