Asymmetry, the underlying value of Bitcoin from a "value investment" perspective

Author: Daii

Today, the price of Bitcoin has once again broken through the 90,000 USD mark, market sentiment is high, and social media is filled with cheers of "the bull is back." But for those investors who hesitated at 80,000 USD and missed the opportunity to get on board, this moment feels more like an inner interrogation: Am I late again? Should I decisively buy during a pullback? Will I have another chance in the future?

This is exactly the key point we want to discuss: is there really a "value investing" perspective in Bitcoin, an asset known for its extreme volatility? Can a strategy that seems to contradict its "high-risk, high-volatility" attributes capture an "asymmetric" opportunity in this turbulent game?

The so-called asymmetry in the investment world refers to the situation where the potential gains far outweigh the potential losses, or vice versa. At first glance, this does not seem like a characteristic that Bitcoin would possess. After all, most people's impression of Bitcoin is: either becoming rich overnight or losing everything.

However, behind this polarized perception lies a neglected possibility — during the phases of Bitcoin's periodic deep declines, the methodology of value investing may create a highly attractive risk-return structure.

Looking back at the history of Bitcoin, it has seen several instances of plummeting over 80%, even 90%, from its peaks. During such times, the market is enveloped in panic and despair, with capitulation selling making prices seem like they are being pushed back to their original state. However, for those investors who have a deep understanding of the long-term logic of Bitcoin, this represents a typical "asymmetry" – taking limited risks in exchange for potentially huge returns.

Such opportunities are not easily obtainable. They test the investor's level of understanding, emotional control, and willpower for long-term holding. This also raises a more fundamental question: do we have reason to believe that Bitcoin truly has "intrinsic value"? And if it does exist, how should we quantify it, understand it, and develop our investment strategies accordingly?

In the following content, we will officially embark on this exploratory journey: unveiling the deep logic behind Bitcoin price fluctuations, clarifying how asymmetry shines during times of "blood flowing like rivers," and contemplating how the principles of value investing are rejuvenated in this decentralized era.

However, one thing you should first understand about Bitcoin investment is that there has never been a shortage of asymmetric opportunities, and there are many.

1. Why are there so many asymmetric opportunities in Bitcoin?

If you scroll through Twitter today, you will see an overwhelming Bitcoin bull market frenzy. The price has surged past the $90,000 mark again, and many people are shouting on social media as if the market forever belongs only to prophets and the lucky ones.

But if you look back, you will find that the invitation to this feast was actually sent out at the most desperate moment of the market, but many people did not have the courage to open it.

1.1 Asymmetrical Opportunities in History

Bitcoin has never followed a straight upward trajectory; its growth story is a script woven with extreme panic and irrational exuberance. Behind every deepest decline lies an extremely attractive "asymmetric opportunity" — the maximum loss you bear is limited, while the potential gains can be exponential.

Let's take a time travel and let the data do the talking.

2011: -94%, from $33 to $2

That was the moment Bitcoin was "widely seen" for the first time, with its price skyrocketing from a few dollars to $33 within six months. But soon, a crash followed. The price of Bitcoin plummeted to $2, a drop of as much as 94%.

You can imagine the kind of despair: major geek forums are deserted, developers are fleeing one after another, and even Bitcoin core contributors are posting doubts about the project's prospects.

But if at that time you just "bet once" and bought in with $1000, a few years later when the BTC price exceeds $10,000, you would be holding $5 million in chips.

2013 - 2015: -86%, Mt. Gox collapse

At the end of 2013, the price of Bitcoin broke the $1,000 mark for the first time, attracting global attention. However, the good times did not last long; at the beginning of 2014, the world's largest Bitcoin exchange, Mt.Gox, announced its bankruptcy, and 850,000 Bitcoins disappeared from the blockchain.

Overnight, the media reached a consensus: "Bitcoin is finished." CNBC, BBC, and The New York Times all reported on the Mt.Gox scandal on their front pages, causing the BTC price to drop from $1160 to $150, a decline of over 86%.

But what happened later? By the end of 2017, the same Bitcoin was priced at $20,000.

2017 - 2018: -83%, ICO bubble burst

The above image is a report from the New York Times about this major drop, stating in the red box that this investor lost 70% of the value of their position.

2017 was the year when Bitcoin entered the public eye as the "year of mass speculation." A large number of ICO projects emerged, with white papers filled with terms like "disruption," "reconstruction," and "decentralized future," leading the entire market into a frenzy.

But when the tide went out, Bitcoin fell from nearly $20,000, its historical high, to $3,200, a decline of over 83%. That year, Wall Street analysts sneered, saying, "Blockchain is a joke"; the SEC filed numerous lawsuits; retail investors were liquidated and exited the market, leaving the forums in silence.

2021 - 2022: -77%, the industry's "black swan" chain reaction

In 2021, Bitcoin wrote a new myth: the price of a single coin broke $69,000, and institutions, funds, countries, and retail investors rushed in.

But just a year later, BTC fell to $15,500. The collapse of Luna, the liquidation of Three Arrows Capital, the explosion of FTX... the series of "black swans" acted like a domino effect, destroying the confidence of the entire crypto market. The Fear and Greed Index once dropped to 6 (extreme fear zone), and on-chain activity was nearly frozen.

The above image is from a report by The New York Times on May 12, 2022. It shows that the prices of Bitcoin and Ethereum plummeted along with UST. Now we know that the actual reason behind the plummet of UST was Galaxy Digital's role in pushing up and dumping Luna.

But once again, by the end of 2023, Bitcoin quietly rose back to $40,000; after the ETF approval in 2024, it surged all the way up to today's $90,000.

1.2 Where do the asymmetrical opportunities in Bitcoin come from?

We have seen that Bitcoin has made astonishing rebounds multiple times in its history during moments that seemed like a catastrophe. So the question arises—why is this the case? Why does this high-risk asset, which has been ridiculed by countless people as a "game of hot potato," repeatedly rise again after collapsing? More importantly, why can it provide such highly asymmetric investment opportunities for patient and knowledgeable investors?

The answer lies in three core mechanisms:

Mechanism 1: Depth Cycle + Extreme Emotions, Creating Pricing Deviations

Bitcoin is the only free market in the world that operates 24/7 without interruption. There is no circuit breaker, no market maker protection, and no Federal Reserve safety net. This means it amplifies human emotional fluctuations more easily than any other asset.

In a bull market, FOMO (Fear of Missing Out) dominates the market, retail investors frantically chase prices, narratives soar, and valuations are severely overextended;

In a bear market, FUD (Fear, Uncertainty, Doubt) is rampant across the internet, with cries of selling at a loss echoing everywhere, and prices being driven into the dust.

This cycle of emotional amplification has caused Bitcoin to frequently enter a state of "serious price divergence from real value". And this is a hotbed for value investors to look for asymmetric opportunities.

In a nutshell: the market is a voting machine in the short term, and a weighing machine in the long term. The asymmetrical opportunities of Bitcoin arise precisely during those moments when the weighing machine has not yet started.

Mechanism 2: Price volatility is huge, but the probability of death is extremely low.

If Bitcoin really could "go to zero at any time" as the media portrays, then it would have no investment value at all. But the reality is that it has "survived" every crisis, and it has come back stronger than before.

In 2011, after the price crashed to $2, the Bitcoin network continued to operate as usual, and transactions went on.

After the collapse of Mt.Gox in 2014, new exchanges quickly filled the gap, and the number of users continued to grow.

After the FTX explosion in 2022, the Bitcoin blockchain still consistently produces blocks every 10 minutes.

The underlying network of Bitcoin has almost no history of downtime, and its system robustness far exceeds most people's understanding.

In other words, even if the price is halved again, as long as the technological foundation and network effect of Bitcoin remain, there is no real risk of it "going to zero." Thus, we have a very attractive structure: the space for short-term decline is limited, but the space for long-term rise is open.

This is asymmetry.

Mechanism three: Value anchoring exists but is ignored, leading to "overselling".

Many people believe that Bitcoin has no intrinsic value, and therefore it can fall indefinitely. This view overlooks several key facts:

Bitcoin has programmatic scarcity (21 million coins, halving mechanism);

Having the most powerful POW network in the world, costs are computable;

The network effect is strong, with the number of users exceeding 50 million, and both trading volume and hash rate reaching new highs.

Mainstream institutions and countries recognize their "reserve asset" attributes (ETFs, national fiat currencies, corporate balance sheets);

This is also the most controversial issue, which is whether Bitcoin has intrinsic value or not, and I will elaborate on this in detail shortly.

1.3 Will Bitcoin go to zero?

It's possible, but the probability is extremely low. This website has recorded 430 instances of Bitcoin being declared dead.

However, there is a small line of text below the number of times it has been declared dead that tells everyone. If you had bought 100 dollars every time someone declared Bitcoin dead, you would now have over 96.8 million dollars, as shown in the figure below.

You should know that the underlying system of Bitcoin has been operating stably for over a decade, with almost no interruptions. Whether it's the collapse of Mt. Gox, the crash of Luna, or the explosion of FTX, its blockchain continues to produce a block every 10 minutes. This technological resilience provides it with a strong survival baseline.

Now you should understand that Bitcoin is not an "illogical speculative item." On the contrary, its asymmetry is so prominent because its long-term value logic genuinely exists, yet is often severely underestimated by market sentiment.

This brings us to the next question we must discuss – can a Bitcoin with no cash flow, no board of directors, and no factories truly be considered "value investing"?

2. Can Bitcoin also be used for value investment?

Bitcoin always experiences extreme fluctuations, with people oscillating between extreme greed and extreme fear. Is such an asset really suitable for "value investing"?

On one side is Graham and Buffett's concept of "margin of safety" and "discounted cash flow," while on the other side is a "digital commodity" that has no board of directors, pays no dividends, does not generate profits, and even lacks a corporate entity. Within the traditional framework of value investing, Bitcoin seems to have no place.

But the key question is - how do you define "value"?

If we broaden our perspective from traditional financial reports and dividends back to the core essence of value investing—

Buy at a price lower than intrinsic value and hold until value returns.

Therefore, Bitcoin may not only be suitable for value investment but may even more purely embody the original meaning of the word "value" than many stocks.

The founder of value investing, Benjamin Graham, once said: the essence of investing is not what you buy, but whether the price you pay is below its value. The image above is an AI-generated imaginative picture of Graham looking puzzled at Bitcoin.

In other words, value investing is not limited to stocks, companies, or traditional assets. As long as something has intrinsic value and the market price is temporarily lower than that value, it can be a target for value investing.

But this also raises a more critical question: If we cannot estimate the value of Bitcoin using traditional metrics like price-to-earnings ratio or price-to-book ratio, then where does its "intrinsic value" actually come from?

Although Bitcoin does not have financial statements like a company, it is by no means without value. It has a complete set of analyzable, modelable, and quantifiable value systems. Although these "value signals" are not concentrated in a quarterly report like stocks, they are equally real and even more stable.

Below, I will mainly analyze the source of Bitcoin's "intrinsic value" from the dimensions of supply and demand.

2.1 Supply Side: Scarcity, Programmed Deflation Model (Stock-to-Flow)

The fundamental value pillar of Bitcoin is verifiable scarcity.

Total supply cap: 21 million coins, cannot be increased;

Halving every four years: with each halving, the annual supply decreases by 50%, and it is expected to be fully issued by the year 2140.

After the halving in 2024, Bitcoin's annual new supply will drop to an inflation rate of less than 1%, with scarcity exceeding that of gold.

The S2F model (Stock to Flow) proposed by analyst PlanB has accurately captured the medium to long-term upward trend of Bitcoin after halving multiple times — after the halvings in 2012, 2016, and 2020, the price has increased several times within 12-18 months, as shown by the first three blue arrows in the figure below.

After the first halving in 2012, the price of Bitcoin rose from about $12 to over $1000 within a year.

After the second halving in 2016, the price surged from around $600 to nearly $20,000 in about 18 months.

After the third halving in 2020, the price similarly rose from around $8,000 to $69,000 within approximately 18 months.

You also noticed the big question mark I added on the fourth blue arrow. This is the fourth halving; will it continue the previous upward trend? My answer is yes, but the extent may further shrink.

What you need to pay attention to is that the left vertical axis representing the Bitcoin price in the above figure is on a logarithmic scale, where the height from 1 to 10 is the same as the height from 10 to 100. This helps us see the early trends of Bitcoin more clearly.

Now let me focus on this model. This model draws on the valuation methods of precious metals such as gold and silver. Its core logic is:

Stock: Refers to the total amount of assets that currently exist.

Flow: Refers to the new supply added each year.

S2F ratio = Stock / Flow

The higher the S2F ratio of an asset, the less its annual new supply is relative to the existing stock, making the asset more scarce, and theoretically, its value also increases.

Gold has a very high S2F ratio (around 60), which is one of the important foundations for its role as a store of value. The S2F ratio of Bitcoin continuously increases with each halving. For example, after the third halving in May 2020, Bitcoin's S2F ratio rose to about 56, which is very close to the level of gold. After the fourth halving in April 2024, its S2F ratio is expected to double, exceeding 100, making it surpass gold in terms of scarcity. See the coordinates on the right side of the question mark in the above image.

One of the most popular charts in the cryptocurrency circle is called the Bitcoin S2F model fitting chart, as shown in the figure below. It is renowned not only for its visual simplicity and intuitiveness but also for being one of the strongest proofs of the "long-term price increase of Bitcoin" due to the logic behind it.

In the chart above, the horizontal axis represents the natural logarithm of S2F, and the vertical axis represents the natural logarithm of Bitcoin price. In this log-log space, we see an almost straight red regression line that crosses all the halving periods in Bitcoin's history, showing an astonishing fit.

This diagram attempts to inform everyone that whenever Bitcoin enters a new halving cycle, the newly produced output in circulation is "halved," the S2F ratio rises accordingly, and the long-term price predicted by the model also increases. This model has accurately predicted the first three times, but whether it will be accurate for the fourth time remains uncertain.

However, every model has its limitations, and S2F is no exception. It focuses entirely on the supply side: halving, capped total supply, and mining speed, while completely ignoring changes in demand. This was still valid when there were fewer early Bitcoin users and demand had not yet "matured." However, after entering 2020, the market structure, capital volume, and institutional participation have grown rapidly, and the power to determine prices is increasingly shifting to the demand side—namely, adoption, market expectations, macro liquidity, regulatory policies, and even social media sentiment.

It is obvious that a single S2F model cannot convince you, nor can it convince me; we also need a demand-side model.

2.2 Demand Side: Network Effects, Metcalfe’s Law

If the S2F model locks the "supply gate" of Bitcoin, then the network effect is the "demand pump" that determines how high the water level can rise. The most intuitive measure is the on-chain activity and the growth rate of users holding coins: by the end of 2024, non-zero balance addresses have exceeded 50 million, and in February of this year, the daily active addresses returned to approximately 910,000, setting a new three-month high.

Using Metcalfe's Law for rough estimation — Network Value ≈ k × N² — when the number of active users doubles, the theoretical network value can expand to four times its original value. This is the underlying driving force behind the "stair-step" increases in Bitcoin prices over the past decade. The above image is also an AI-generated conceptual illustration, with the old gentleman Metcalfe joyfully looking at Bitcoin.

Three major indicators on the demand side

Active addresses: Measure real usage heat over a short period.

Non-zero balance addresses: Long-term penetration rate indicator; the compound annual growth rate over the past seven years is about 12%/year - even with the price halved, the number of holders continues to rise.

Value-bearing layer: The capacity of the Lightning Network channels and the number of off-chain payment transactions continue to reach new highs, providing a closed loop for "holding coins → actual payments."

This set of "N² Drive + Network Stickiness" demand model has two layers of meaning:

Positive cycle: More users → Deeper trading → Richer ecosystem → Increased value; this explains why whenever ETFs, cross-border settlements, or emerging market payments bring in incremental users, prices tend to experience nonlinear surges.

Negative cycle risk: If faced with global regulatory crackdowns, technological replacements (such as CBDC, Layer-2 payment variations), or macro liquidity exhaustion, activity and new users may decline simultaneously, leading to a reduction in valuation alongside N² — this is a "demand gap" scenario that S2F cannot capture.

Therefore, by parallelizing the supply-side S2F with the demand-side network effects, a more complete valuation framework can be formed: when S2F indicates long-term scarcity, and the number of active addresses and non-zero balances maintain an upward slope, the demand-supply mismatch will amplify the asymmetry; conversely, once the activity continues to decline, even if scarcity remains unchanged, it may trigger a synchronous downward adjustment of price and value.

In other words, scarcity prevents Bitcoin from "devaluing," while network effects allow it to "appreciate."

It is especially worth mentioning that Bitcoin was once seen as a "geek's toy" or a "symbol of a bubble." But today, its value narrative has quietly shifted.

Since 2020, MicroStrategy has incorporated Bitcoin into its balance sheet and currently holds 538,000 Bitcoins, as shown in the image above. I previously provided a detailed introduction to Strategy's transformation in the article "Bitcoin Dividend."

Subsequently, top global asset management firms such as BlackRock and Fidelity launched Bitcoin spot ETFs, bringing in billions of dollars in incremental funds. Morgan Stanley and Goldman Sachs began offering BTC investment services to high-net-worth clients, and even countries like El Salvador have adopted it as legal tender. These changes not only represent an embrace at the capital level but also serve as endorsements of "legitimacy" and "institutional consensus."

2.3 Summary

In the valuation world of Bitcoin, supply and demand have never been isolated variables, but rather form a "double helix" of asymmetric opportunities.

On one hand, the S2F model starts from programmatic deflation and depicts the power of scarcity in driving long-term prices using mathematical formulas;

On the other hand, network effects are based on on-chain data and user growth, demonstrating the real demand foundation of Bitcoin as a "digital network."

In such a structure, the mismatch between price and value becomes increasingly clear—this is exactly the moment that value investors anticipate: when sentiment is low, and prices are below the comprehensive valuation model, an asymmetrical opportunity window quietly opens. This also leads us to the real issue we need to discuss: the essence of value investing is to seek out these asymmetrical opportunities that are undervalued by sentiment and corrected by time?

3. The essence of value investing is to seek asymmetry?

The core of value investing has never been just about "buying cheap things," but rather is based on a more fundamental logical foundation: seeking asymmetrical structures with limited risks and potentially huge returns in the misalignment between price and value.

This is the essential difference between value investing and trend investing, momentum trading, and technical gaming.

Trend investing relies on market inertia, speculative trading bets on short-term fluctuations, while value investing involves calmly assessing the long-term value of assets when market sentiment is extremely deviated from rational judgment, decisively buying when prices are significantly below that value, and waiting for the market to return to rationality. This approach works precisely because it establishes a natural asymmetric structure: the worst outcome you endure is a controllable loss, while the best outcome you achieve often exceeds expectations.

If we carefully examine the logic of value investing, we will find that it is not a specific operational method, but a structural thinking based on probability and imbalance.

Investors analyze the "margin of safety" to assess the downside potential in the worst-case scenario.

The reason for studying "intrinsic value" is to clarify the possibility and scope of the target price returning to its original state;

The reason for "holding patiently" is that the returns from asymmetric structures often take time to materialize.

All of this is not about pursuing perfect predictive ability, but about building a "betting structure" amidst a series of uncertainties—where the gains when you are right far exceed the losses when you are wrong, which is the essence of asymmetric investing.

Many people misunderstand value investing as conservative, dull, and low volatility, but in fact, it is quite the opposite. True value investing does not mean "low returns, low risk"; it means exchanging controllable risk for a highly asymmetric return potential. Whether it is early shareholders investing in Amazon or long-termists quietly buying Bitcoin during a bear market, they are essentially doing the same thing: when most people underestimate the future of an asset, and its price is pushed to extreme ranges due to emotions, policies, or misunderstandings, they are quietly positioning themselves.

From this perspective:

Value investing is not an ancient strategy of "buying cheap and steadily receiving dividends" from the past, but rather a common language for all investors truly seeking asymmetrical return structures.

It emphasizes not only cognitive ability but also emotional control, risk awareness, and faith in time. It does not require you to be smarter than others, but rather to remain calm when others are panicking and to dare to bet when others are fleeing.

Therefore, understanding the deep relationship between value investing and asymmetry also helps to understand why Bitcoin, despite its form being different from traditional assets, can be embraced by serious value investing methods. Its volatility is not an enemy, but a gift; its panic is not a risk, but a pricing error; its asymmetry is a rare asset revaluation opportunity in this era. True value investors are quietly positioning themselves, waiting for the next such opportunity in the still waters.

4. How to invest in Bitcoin using asymmetry?

After understanding the source of Bitcoin's intrinsic value and realizing that market fluctuations create opportunities for prices to fall below value, the next question is: how can we, as ordinary investors, practice value investing in Bitcoin?

It is important to emphasize that value investing is not about trying to "catch the bottom," which means attempting to buy at the lowest price point. This is an extremely difficult, if not impossible, task. The core of value investing lies in starting to gradually and disciplinedly buy in when the price enters what you judge to be the clearly undervalued "value zone," and patiently holding on while waiting for the return and growth of value.

For high-volatility assets like Bitcoin, here are some simple and practical value investment strategies:

4.1 Regular Fixed Investment (Dollar-Cost Averaging, DCA)

This is the most basic strategy and also the one that is best suited for most people. DCA stands for investing a fixed amount to buy Bitcoin at regular intervals (for example, weekly or monthly), regardless of whether the current price is high or low.

Advantages:

Cost Averaging: Buy smaller amounts when prices are high and larger amounts when prices are low. Over the long term, your average holding cost will be lowered, below the market average price during a continuous uptrend.

Overcoming emotions: DCA is a disciplined investment approach that can help you avoid the impulse to chase highs and cut losses due to short-term market fluctuations. You just need to execute according to plan, without the anxiety of subjective judgment and timing.

Simple and easy to execute: No complex analysis or frequent operations are required, making it suitable for investors who do not have much time or energy to study the market.

Regarding DCA, I had a detailed explanation in "Bitcoin: The Ultimate Hedge for Long-Termists". If you have any questions, I recommend you take a serious look at it.

4.2 Dynamic Adjustment Based on Market Sentiment Indicators: Fear & Greed Index

Based on DCA, if you wish to slightly improve the efficiency of your investments, you can introduce market sentiment indicators as auxiliary judgments. Among them, the "Crypto Fear & Greed Index" is a widely followed metric.

This index integrates multiple factors such as market volatility, trading volume, social media sentiment, market dominance, and research data to measure the overall market sentiment with a value from 0 to 100:

0-25: Extreme Fear

25-45: Fear

45-55: Neutral

55-75: Greed

75-100: Extreme Greed

The contrarian thinking of value investing tells us, "Be greedy when others are fearful, and be fearful when others are greedy." Therefore, we can incorporate the fear and greed index into the DCA strategy:

Basic Regular Investment: Maintain the regular investment plan every month/week unchanged.

Add more when in fear: When the index enters the "extreme fear" zone (for example, below 20 or 15), it indicates that market sentiment is extremely pessimistic, and prices may be significantly undervalued. At this time, in addition to regular dollar-cost averaging, an additional investment can be made.

Be cautious during greed / Reduce positions (optional): When the index enters the "extreme greed" zone (e.g., above 80 or 85), it indicates that market sentiment is overheated and risks are accumulating. At this time, you can choose to pause dollar-cost averaging, or even consider selling portions of your profits in batches to lock in gains.

4.3 Important Notice

Never invest more than you can afford to lose. Bitcoin remains a high-risk asset, and its price could go to zero (although this possibility is decreasing as it develops, the theoretical risk always exists). Allocate your assets wisely; the proportion of Bitcoin in your total investment portfolio should match your risk tolerance. However, Bitcoin is also the least risky cryptocurrency, so it should dominate among all your crypto assets. My asset allocation is - Bitcoin : Ethereum : Others = 5 : 3 : 2.

Using a DCA or a dynamic DCA strategy combined with emotional indicators essentially embodies the core principle of value investing: acknowledging that market predictions are not possible, and utilizing the irrational fluctuations of the market to accumulate assets in a disciplined manner within areas where prices may be below intrinsic value. Remember: investing should not become the most important thing in your life, and you should not lose sleep over it.

Conclusion

Bitcoin is not a gambling table for you to escape reality; it is a footnote for you to re-understand reality.

In this uncertain world, we often mistakenly believe that safety means stability, avoiding risks, and staying away from volatility. But true safety has never been about avoiding risks; it is about understanding risks, mastering them – and being able to see the valuable cornerstone buried beneath the sand when everyone else turns to flee.

This is the true essence of value investing: seeking asymmetrical structures forged by cognition amid emotional misalignments; quietly buying those forgotten chips by the market at the deepest trough of the cycle, which will eventually return to their rightful place.

Bitcoin, as a financial species that writes scarcity into algorithms, evolves value in networks, and repeatedly resurrects amidst panic, is the purest manifestation of this asymmetry. Its price may never be calm; but its logic is consistent: scarcity is the lower limit, the network is the upper limit, volatility is an opportunity, and time is leverage.

You can never accurately time the bottom of Bitcoin, but you can traverse one cycle after another, continuously buying misunderstood value at reasonable prices. Not because you have magical judgment, but because you possess a higher-level way of thinking - you believe that the best bet is to place your chips on the side of time when others turn and leave.

So please remember this sentence:

The ones who bet at the depths of irrationality are often the most rational; and time is the most faithful executor of asymmetry.

This game forever belongs to those who understand the order behind the fluctuations and see the logic behind the collapse. Because they know: the world does not reward emotions, the world rewards cognition. And cognition will ultimately be proven by time.