At present, the short-term similarity between Bitcoin and US stocks has reached a high point, and the fractal similarity of the price K-lines of the two can be reduced to the minute level. Many people are confused, has the underlying structure and value proposition of Bitcoin changed?

Assets at the bottom of the liquidity pyramid have two core security requirements: one is no credit risk, and the other is no devaluation risk.

The current fiat currency cannot meet either of these two conditions. Fiat currency is a credit currency and is issued based on the central bank's balance sheet expansion. In fact, the narrative and appeal of Bitcoin as the underlying asset of the liquidity pyramid will be further strengthened in the future due to the increase in uncertainty in the external world. In fact, in some countries where fiat currency collapses due to high inflation, such as Venezuela, etc., Bitcoin has become the de facto asset at the bottom of the liquidity pyramid. Ordinary people can only choose to land on Bitcoin as a lifeboat for wealth storage. In addition, with the increasingly stringent control of cross-border capital flows in today’s world, the taxation and inflation of sovereign countries have intensified. The outbreak of political threats has provided a strong driving force for Bitcoin to enter the world's underlying assets, and Bitcoin will have a bright future.