I agree with Hong Hao's viewpoint. First of all, it needs to be confirmed that BTC is now a risky asset, a Nasdaq with added materials. You cannot view BTC with the logic of gold. You can think of it as digital gold, but the market considers it as a risky asset. So how do you and I think he's not important, what's important is how the market sees him. Then you still have to look at the general trend of American stocks. All kinds of signs indicate that Trump may be deliberately speculating a recession, so that the interest rate can be quickly set to zero, and then the 10-year treasury bond bond interest rate can be set down, and then the Ministry of Finance will issue long-term bonds to replace existing short-term bonds. You should know that the US government debt is 36 trillion yuan, and a one point drop in interest rates is 360 billion yuan, which is equivalent to a 10 point increase in tariffs. If the interest rate drops by 2 points, it will be 720 billion... and so on.