#比特币价格创新高 Reflecting on the historical trajectory of Bitcoin, these periodic new price highs always leave me with mixed feelings. Since its birth in 2009, Bitcoin has gone through several cycles of bull and bear markets, with each new high accompanied by tremendous controversy and skepticism. Now Standard Chartered Bank predicts it could reach $200,000 by the end of the year, which reminds me of that crazy pump at the end of 2017. At that time, many people thought $10,000 was an astronomical price, yet it surged all the way to nearly $20,000.

History is always astonishingly similar. In every bull market, there are always institutions calling out astonishing target prices, and the market often exceeds the imagination of most people. However, we must also remember that it is cold at high places. The collapse in 2018 taught many investors a painful lesson.

Compared to the current macro environment, there are indeed many favorable factors. The U.S. government shutdown and ETF expectations may drive a short-term pump. However, in the long run, I believe the value of Bitcoin depends more on whether its status as "digital gold" is widely recognized. This requires the test of time.

Anyway, as witnesses, we are fortunate to witness the growth of this disruptive asset. Each new high is a challenge to the traditional financial system. But we must also stay clear-headed and maintain rationality amidst the euphoria. After all, history tells us that the market always seeks balance in extremes.