Buffett's investment logic was explained in detail in his 1998 Florida speech. What he talks about the most is' within the cognitive circle, within the safety margin '. He is the kind of person who won't invest in anything he doesn't understand, even if it has a slight risk . I am now inclined to believe that BTC is beyond Lao Ba's ability range, and I completely understand it. I don't know why it has risen or what kind of moat it has. I can only say that this thing may be a bit disruptive to his cognition