Bitcoin is not 'no longer viable', but has been temporarily placed in a secondary position during a phase of being squeezed by both AI and geopolitical risks. one ️⃣ Money is flowing towards the more profitable use of electricity In the past, Bitcoin was one of the most effective ways to turn electricity into value. But now AI can create better cash flow returns with the same amount of electricity. Capital is real, so electricity, computing power, and capital are all prioritized for AI, and the US stock market is naturally stronger. two ️⃣ Gold wins without the need for modern systems When geopolitical conflicts and deglobalization intensify, big capital needs an asset that is "useful even when disconnected from the internet". Gold does not rely on the Internet and the financial system. In extreme cases, it can be held directly. In contrast, gold is more deterministic in the period of system collapse. three ️⃣ ETFs have made Bitcoin 'stable', but also 'slow' The launch of Bitcoin ETF has entered the risk control system of traditional institutions, reducing volatility. The benefits are safer and more mainstream; The downside is that it lacks the explosive power of previous surges and is more like a "high volatility technology asset" that is suppressed in a high interest rate environment. four ️⃣ AI has taken away the 'imagination premium' When the market has a narrative of 'potentially changing the productivity of the entire human race', the opportunity cost of Bitcoin without generating cash flow will appear high. In the short term, AI leading companies are more attractive than the 'future currency system narrative'. five ️⃣ Bitcoin is gaining momentum OG is selling, and long-term funds are entering the market to buy. The two parties are hedging, causing the price to remain sideways for a long time. Currently, it is the energy accumulation stage before the next major market trend. The conclusion of the last sentence is: In 2025, Bitcoin temporarily lost to the productivity explosion of AI and the security attributes of gold. But once AI returns decline or liquidity spills out again, Bitcoin will still return to its best position as a cross cyclical carrier of value and liquidity.