Bitcoin's market capitalization once surpassed the $2 trillion mark, and behind this number lies an interesting pattern—historically, any financial asset reaching a market cap of $2 trillion has never gone to zero; instead, it continues to appreciate. Bitcoin's journey to today is no coincidence.

From a mechanism perspective, after the approval of the US spot ETF, top asset management firms like BlackRock and Fidelity entered the market, integrating Bitcoin into the mainstream financial framework. The participation of institutions has changed the game rules; their risk control requirements and compliance operations have directly enhanced the professionalism of the market.

More importantly, there is recognition at the national level. Countries such as the US, Bhutan, and El Salvador have classified Bitcoin as a strategic reserve asset, while nations like Tonga and the Central African Republic have even incorporated it into their fiat currency systems. When central banks of various countries start allocating it, and governments include it in national policies, it is no longer a niche asset but a symbol of the reshaping of the global financial landscape.

Policy + institutions + national recognition, three layers of support are built up, and the value foundation of Bitcoin becomes different.