Brother Tiezhu is so deep and comprehensive. This kind of limited easing... In the short term, improved liquidity might indeed push up risk assets like stocks and crypto, but the sustainability is limited. Maybe the next 1-2 years will be the real 'easing bull market' for Bitcoin. 2024-2025 is just about the elections, the U.S. president embracing crypto, spot ETFs, and rate cuts (though still high interest rates). Although this easing can't compare to the QE of 2020-2021, at least it's relatively decent compared to 2024-2025. In the medium to long term, whether it pushes up inflation expectations, USD credit risks, etc., that's a topic for later. Oh, by the way, the U.S. has been promoting stablecoins all along, which is really about stablecoins + asset tokenization. Slowly moving in this direction, let's see how it evolves.