The story of Bitcoin has changed in these years. From a purely speculative asset to being gradually incorporated into national strategic levels, the entire narrative framework is being reshaped.

**Policy Shift: From Individual Countries to Major Power Recognition**

In March 2025, the Trump administration officially established the "National Strategic Bitcoin Reserve." This move is quite significant—it elevates BTC from a wild-growth asset class to a strategic arena in national financial games. This is not just a change in a document; more deeply, it reflects the strategic choices of global major powers in the reconfiguration of the financial landscape.

**Domino Effect**

Can other countries sit idly by as the US takes this step? Game theory makes it clear—those who do not follow will fall behind in potential financial competition. Brazil and Kyrgyzstan have already taken action. As long as the supply cap of Bitcoin remains, this kind of national-level incremental purchase demand will persist, serving as a long-term support base for prices.

**Corporate Following: From Exception to Norm**

When MicroStrategy first included Bitcoin in its financial statements, it was considered newsworthy. But by November 2025, over 100 listed companies held crypto assets, with 50 of them holding more than 1 million coins. What are these companies playing at? Continuously leveraging low-cost financing channels to buy the dip, treating crypto assets as a standard part of their asset allocation. This "arbitrage model" is becoming institutionalized.

**The Cycle Issue**

Historically, peaks have been seen in 2013, 2017, and 2021. According to the four-year cycle, 2026 should theoretically enter a cold winter. But the current question is—does this cycle still work? The scale of new demand sides (states, listed companies, institutions) may have already broken the previous cycle pattern.