The global fiat currency devaluation cycle has just begun, and BTC and ETH are still not fully priced in. The bull market is just getting started. Recently, I've been working on refining my macro trend models and need to correct something I said before: what we're entering is not an era of massive inflation, but more accurately, an era of global fiat currency devaluation. The most objective and compelling evidence comes from the data on gold and 10-year Treasury yields. During the globalization period from 2000 to 2020, these two metrics were basically inversely correlated, with U.S. Treasuries being the top safe-haven asset. But now the logic has shifted—faced with uncertainty, global central banks and sovereign funds are prioritizing gold. Gold's rise isn't over yet. It's a structural upward cycle. It's not just the U.S. dollar that's devaluing; all global fiat currencies are in the same boat. It's a game of "who's worse." Against this backdrop, gold, as the counterbalance to the dollar, is on a definitive upward trajectory. There will be major pullbacks along the way—when it dips, buy. The era of BTC and ETH is also just beginning. Right now, the primary factor influencing crypto asset prices is liquidity, but in the long term, BTC will gradually become the counterbalance to government credit. Similarly, this is a structural upward trend, and the upside potential for BTC is far greater than gold. This is the underlying logic. Read carefully.