Bitcoin treasury companies (publicly traded companies that hold Bitcoin as a reserve asset) may shift from being market stabilizers to becoming major sellers, triggering a spiral decline in Bitcoin's price. This scenario is based on the interaction between corporate financial metrics (such as market-to-net asset value ratio, mNAV) and market psychology, revealing the potential fragility of institutional behavior in the cryptocurrency market.Core Scenario LogicInitial BackgroundEntities: 10 Bi...

Bitcoin treasury companies (publicly traded companies that hold Bitcoin as a reserve asset) may shift from being market stabilizers to becoming major sellers, triggering a spiral decline in Bitcoin's price. This scenario is based on the interaction between corporate financial metrics (such as market-to-net asset value ratio, mNAV) and market psychology, revealing the potential fragility of institutional behavior in the cryptocurrency market.Core Scenario LogicInitial BackgroundEntities: 10 Bi...

As an emerging digital asset, Bitcoin is gradually challenging gold’s status as a traditional store of value. This article analyzes the three core functions of money—medium of exchange, unit of account, and store of value—to explore why gold historically became the dominant asset for wealth preservation, citing its scarcity, durability, portability, divisibility, and social consensus. However, gold also faces four key limitations: high storage costs, difficulty in liquidation during crises, p...

As an emerging digital asset, Bitcoin is gradually challenging gold’s status as a traditional store of value. This article analyzes the three core functions of money—medium of exchange, unit of account, and store of value—to explore why gold historically became the dominant asset for wealth preservation, citing its scarcity, durability, portability, divisibility, and social consensus. However, gold also faces four key limitations: high storage costs, difficulty in liquidation during crises, p...