Intelligence is an emergent behavior pattern. Large language models are one form of emergent intelligence. Bitcoin is also a form of emergent intelligence. Since emergence is the key, we first need to understand the changes between individuals and collectives before and after emergence. Before the emergence of large language models, it was individual human word tokens; after emergence, it’s collective logical dialogue in language interpretation. Before the emergence of Bitcoin, it was individuals wanting to hold $BTC; after emergence, it’s the value of $BTC (reflected in its price).