I quit crypto investing a long time ago and have been emphasizing the risks of cryptocurrency over the past two years. This year, crypto has significantly underperformed compared to global assets, fully revealing its peak posture. However, what I want to emphasize is not the short-term but the long-term risks. In my opinion, the four-year cycle pattern of Bitcoin will definitely be broken. Two reasons: The macro environment has undergone a fundamental paradigm shift. Compared to the market cap of cryptocurrencies, the actual value they create is negligible!