Money is actually not lacking. Just look at those AI giants—with market caps of several trillion dollars, even a 10% surge in a single day still attracts people eager to jump in. In contrast, what's the issue with the Bitcoin market? It's lacking a convincing reason to buy.

Looking back, Bitcoin has gone through two rounds of mainstream narratives:

The first round was the decentralized currency concept. Back in 2019, this story pushed the price above $10,000. But the problems quickly became apparent—the price was extremely volatile, and its deflationary nature was too strong, making it impossible to use as a normal economic tool.

The second round was the digital gold positioning. Proposed by an asset management firm in 2020, it has remained popular until now. But this year, gold’s gains have actually outperformed Bitcoin, and Bitcoin’s volatility resembles tech stocks more than a safe haven asset. Compared to real gold, it still falls short in terms of hedging. Those seeking stability ultimately still choose physical gold.

Where will the next story emerge? The answer might have to come from the physical world.

Elon Musk recently offered an angle: Bitcoin is essentially an energy-driven currency. The proof-of-work mechanism means you have to burn electricity and compete in computing power to maintain the network, so the value of the digital asset is directly anchored to energy consumption. This is completely different from fiat currency—energy can’t just be printed.

In other words: Bitcoin and AI are actually quite similar; both convert real-world resources into digital products. Economist Peng Fu even gave an analogy, saying Bitcoin is like an AI stock with a “built-in buyback”—the halving every four years is like a scheduled buyback, artificially creating scarcity.

From an investment perspective, Bitcoin at $100,000 may not be as certain as leading AI stocks. But what if it drops to $80,000 or $70,000? Compared to tech stocks whose valuations have already soared into the stratosphere, at this price, Bitcoin’s cost-performance ratio stands out.