We have gone through a total of 3 encryption cycles: the first cycle was from 2011 to 2013, the second cycle was from 2015 to 2017, and the third cycle was from 2019 to 2021. Currently, we are experiencing the fourth cycle from 2023 to 2025.

Each cycle has seen significant macroeconomic movements, leading to huge fluctuations in the market.

The first cycle is too distant to mention.

During the second cycle, in 2015, China was experiencing its largest shantytown renovation monetization. At that time, in addition to cryptocurrency ICOs, the market also saw postal stamps and coins, P2P lending, film and television investments, and nationwide entrepreneurship, all of which served as channels for absorbing overflow funds. ICOs were just a crazy corner of the capital bubble.

The third cycle truly began in March 2020. Although the low interest rates set by the Federal Reserve in 2019 also had a certain impact, the global liquidity panic caused by the 2020 pandemic led major central banks to urgently inject liquidity into the market, resulting in excessive M2 money supply, helicopter money drops, and various currency stimulus policies. After March 2020, everyone should have a deep impression of what happened in the cryptocurrency industry.

As for the 2023-2025 cycle, China has begun to prioritize liquidity injection, and a new round of shantytown renovation monetization has already started. Below is the housing ticket plan for this round of housing reform, which is expected to directly release 3 trillion yuan of market funds, with an indirect market impact estimated to reach 10 trillion yuan. We can directly feel that durable goods prices are slowly rising, essential goods are becoming more expensive, including water, electricity, and natural gas.

As China begins a new round of major economic stimulus, the United States is likely to follow a similar path around the middle of this year. The global demand slump, especially in China, the world's largest demand country, will ultimately backfire on the financial reports of U.S. companies, such as the most direct manifestations: no need to queue for the Apple iPhone 15, and no need to wait for the popular Tesla model Y, you can directly withdraw the car. When performance reports fall short of expectations, it will bring about more chain reactions.

The economic stimulus in the United States, following China's lead, is bound to follow. The economic liquidity injection by China and the United States in 2024 will bring more capital bubbles to the cryptocurrency market. This bubble feast must not be missed, as it will be the last tulip bubble feast after institutionalization.

Let's all seize this opportunity! Let's embark on the great bull market cycle of 2023-2025 together!

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