Many old suckers are struggling with a question: Can crypto assets outperform AI companies? In fact, this question is phrased incorrectly.

You can understand by looking at the asset structure—90% of the assets in the traditional market have long been outperformed by Crypto Assets. Those traditional companies with valuations in the hundreds of billions of dollars have already shut retail investors out. It has nothing to do with you.

On the other hand, in the encryption space, many protocol projects have indeed been in a slump in recent years, which sounds quite tragic. But we must look at the fundamentals; the most solid time in the past five years is now. Looking back after multiple cycles, the growth curve of crypto assets may not lag behind AI. But this doesn't mean encryption has won; rather, it is the asset model itself that has won.

The key points are two: first, capital efficiency, and second, participation threshold. What does the traditional stock market offer? A large number of insiders make quick money, private equity becomes the internal capital, and retail investors? They continue to wait in line. In contrast, Crypto Assets have zero threshold and extremely high efficiency, which is the decisive factor.

To put it bluntly: a 2 million V8 engine can't compete with a 500,000 all-wheel-drive electric car because times have changed. The photos taken with a 7,000 yuan phone 15 years ago don't mean much when compared to the apples of today. The thinking patterns of traditional finance are already outdated; they can't produce anything real, only a virtual prosperity. As the valuations of global unicorns keep inflating, financial nihilism becomes more severe. In the end, retail investors will collectively flock to a global market for the final gamble.

Bitcoin and Ethereum happen to stand at this historical juncture.