I have been re understanding the relationship between BTC and the Nasdaq 100 recently In the past, I used to think very simply: Buying BTC is essentially buying: currency overabundance, inflation, and money becoming increasingly worthless. Maina refers to 100, essentially buying: human technological progress, productivity improvement, and the continuous creation of value by the strongest technology companies. But later I discovered that the long-term rise of these two assets may have a deeper common root: Continued expansion of M2 That is to say, the nominal total amount of money in the entire society has been increasing Sovereign countries print money for a long time, the credit system continues to expand, and there is more and more money in society. The question is, where will these newly added money ultimately flow to? (Figure: Quoted from Global Broad Money, from 2000 to 2025, global broad money increased from $26 trillion to $142 trillion, with an average annualized rate of about 7%) They will not flow evenly to all assets They will flow towards the rarest, most consensus based, most liquid, and most capable of carrying massive amounts of capital assets This is the similarity between BTC and the underlying of the Nasdaq 100 BTC captures the demand for hard assets, scarce assets, and non sovereign assets as fiat currencies become increasingly soft. It is not a simple 'anti inflation tool', but rather a hard currency container M2 is getting larger and the purchasing power of fiat currency is diluted, while the total limit of BTC is only 21 million coins So the long-term logic of BTC=M2 expansion x BTC consensus expansion x global allocation ratio increase If the global wealth pool continues to grow and more and more people are willing to allocate a small portion of it to BTC, then the price of BTC will not increase linearly, but rather undergo non-linear revaluation The Nasdaq 100 captures something else: technological advancements, productivity improvements, and the concentration of profits towards top companies It's not just about buying technology, it's more of a productivity container Every technological upgrade in human society will ultimately be transformed into revenue, profits, cash flow, and shareholder returns by a few of the strongest companies. The Nasdaq 100 will follow the market and update and iterate with 100 companies. Cloud computing AI、 Semiconductors, operating systems, advertising networks, enterprise software, and digital infrastructure are essentially toll booths in the modern economy So the long-term logic of the Nasdaq 100 is M2 expansion x technological progress x profit concentration towards top companies Moreover, the strongest technology companies not only follow GDP growth, but also consume more industry chain profits, gain stronger pricing power, and higher capital efficiency Global GDP grows by 3% annually, inflation by 4% annually, and the nominal wealth pool expands at a rate of approximately 6-8% annually A truly good asset must have an escape velocity that exceeds this speed: not only must it outperform currency depreciation and GDP, but it must also outperform the average return on assets in society Although BTC and Nasdaq 100 may appear different on the surface: One is a digital hard asset without cash flow One is an equity asset portfolio with cash flow But they are all eating the same thing at the bottom: The constantly expanding M2 is flowing towards the strongest asset container The difference lies in: BTC expands M2 and converts it into a scarcity premium The Nasdaq 100 combines M2 expansion with technological progress, converting it into corporate profits and valuation premiums. One is the monetization of scarcity One is the monetization of productivity A hedge against 'money becoming less valuable' A bet that the world is becoming increasingly efficient So now, I understand these two assets as follows: BTC is the 'hard currency container' of the M2 expansion era The Nazhi 100 is the "productivity container" of the M2 expansion era In the long run, the world is not static Human GDP is growing, sovereign states are printing money, financial assets are expanding, technological productivity is advancing, and the global wealth pool is growing .. Will the money definitely increase? And the problem is: Where will more and more money ultimately flow to? The current answer is: It will flow towards the assets that are most scarce, have the most consensus, have the most network effects, and are most capable of carrying global capital. This may be the common driving force behind the rise of BTC and the Nasdaq 100