[Hong Hao: Bitcoin's Long-Term Value Stems from Scarcity and Decentralized Credit System, Cycle Window May Open in Q3 or Q4 This Year] BlockBeats News, July 31—At a Binance offline private event, renowned economist Hong Hao shared his latest views on Bitcoin's long-term value and market cycles. Hong Hao stated that Bitcoin's long-term logic is very clear: its fixed supply cap of 21 million determines its scarcity and establishes a value foundation distinct from traditional fiat currency systems. Discussing the relationship between Bitcoin and gold, Hong Hao noted that both possess scarcity and long-term value storage attributes, but their sources of credit differ. Gold has accumulated thousands of years of human trust, while Bitcoin relies on a decentralized network and fixed supply mechanism to form a completely new credit system. In the long run, gold's target price is $10,000, and Bitcoin's target price is $1,000,000. Regarding the Bitcoin cycle, which has drawn significant market attention, Hong Hao pointed out that limited supply inherently makes such assets cyclical. Based on his team's cycle model calculations, he believes that a critical time window for a new cycle may emerge during the transition between Q3 and Q4 this year. However, he also reminded investors to remain patient despite the approaching time window and wait for further resolution of market uncertainties.