Wu Jihan's views on Bitcoin: The core is long-term bullishness on a personal level, but strategic contraction at the enterprise level and pivot to AI computing power, not bearishness on Bitcoin itself.

I. Personal Long-Term Bullishness on Bitcoin

- Solid Long-Term Value: Bitcoin is the core asset of the crypto industry, its long-term value will continue to grow, and the overall Crypto space will reach tens of trillions of dollars in scale in the future.
- Volatility is the Norm: Crypto assets are inherently highly volatile, but long-term growth far exceeds short-term fluctuations; even if 95% of tokens go to zero, the remaining 5% (including Bitcoin) will still grow significantly.
- Endorsement of Underlying Logic: Bitcoin is a decentralized store of value, not constrained by traditional finance, with irreplaceable digital gold properties.
- Liquidation ≠ Bearishness: Bitcoin Deer liquidated 1,132 BTC in February 2026, Wu Jihan clarified: current holdings of zero ≠ always zero in the future; it is an enterprise strategy, not personal bearishness.

II. Enterprise Level: Strategic Contraction and Pivot to AI Computing Power

- Mining Profitability Logic Has Changed: Bitcoin mining is highly dependent on coin price volatility, gross margins continue to decline, risks are high, and stability is poor; after halving, cycle dividends weaken, and the "time arbitrage" model is difficult to sustain.
- AI Computing Power Has Stronger Certainty: AI computing power demand is exploding, it is a certain track for the next decade; Bitcoin Deer is shifting from "betting on coin prices" to being a "rent collector" in AI infrastructure, with 3GW of electrical capacity globally deployed.
- Enterprise Responsibility First: Listed companies are accountable to shareholders, highly volatile Bitcoin is not suitable for long-term placement on balance sheets; liquidation proceeds are used for AI data centers, land purchases, and power lock-in.
- Mining Remains a Defensive Business: Self-operated mining in 2026 remains a defensive safety strategy, ensuring company profitability in bear markets and "sustaining life" for the AI transition.

III. Future Outlook: Bitcoin and AI Computing Power Running in Parallel

- Bitcoin will exist long-term with rising value, but enterprise profit focus is not on hoarding coins, but on computing power services.
- The biggest opportunity in the next decade is in AI computing power infrastructure, not Bitcoin price volatility.
- Not ruling out the possibility of the enterprise re-increasing Bitcoin holdings when market cycles change in the future.
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