In-depth Exploration of the Nature of the Crypto Market's Dramatic Fluctuations: The Value Growth Dilemma After BTC Breaks New Highs

Recently, the crypto market has experienced intense fluctuations, with BTC prices fluctuating widely between $94000 and $101000. There are two core reasons for this fluctuation.

First, Microsoft rejected the "Bitcoin Financial Proposal" put forward by a think tank at the annual shareholders meeting. The proposal suggested that Microsoft invest 1% of its total assets in BTC as a potential means to hedge against inflation. Although the board had previously clearly recommended rejection, the market still held some expectations for the proposal.

Secondly, with the proposal being officially rejected, the BTC price once fell to $94000, and then quickly rebounded. This drastic fluctuation reflects the current anxious state of the market, mainly surrounding the new sources of growth after BTC's market value broke the historical high.

Currently, some key figures in the encryption field are leveraging the wealth effect of a certain company to promote the financial strategy of allocating BTC on the balance sheets of more listed companies, in order to combat inflation and achieve performance growth, thereby increasing the adoption of BTC.

However, as a substitute for gold, the road for BTC to become a widely accepted store of value globally is still long and difficult to achieve in the short term. The main reasons are two:

1. The value proposition of BTC is top-down, which limits its dissemination efficiency globally.

2. The retreat of globalization and the challenges faced by the dollar hegemony may increase the cost of acquiring BTC, thereby raising the difficulty of promoting its value proposition.

These factors lead to high fluctuation in BTC prices in the short term, mainly based on the enhancement of speculative value rather than the strengthening of its value proposition. Therefore, focusing on anti-inflation as a short-term promotion may struggle to attract "professional" clients to choose to allocate BTC over gold.

In contrast, some publicly listed companies with weak growth are more likely to gain recognition for their financial strategy of achieving overall revenue growth through the allocation of BTC. This may become the core criterion for determining whether BTC can achieve new value growth in the short to medium term. Under specific policy environments, BTC is expected to take over from AI and become the new core driving economic growth.

The current valuation of the U.S. stock market is at a high level, and the slowdown in growth in the AI sector may put pressure on the U.S. stock market. In this context, it becomes very important to implant a controllable core that drives economic growth into the U.S. stock market, and BTC may be a suitable choice.

If small and medium-sized enterprises in the U.S. are increasingly allocating BTC reserves on their balance sheets, even if their main business is affected by external factors, promoting crypto-friendly policies may stabilize the stock market to some extent. This targeted stimulus is highly efficient and may circumvent the limitations of traditional monetary policy.

Therefore, in the new political and economic cycle, this strategy may be a choice worth considering for decision-makers and many small and medium-sized enterprises in the United States, and its development process is worth close attention.