Seeing this letter, I think the signal is quite clear——the issue of the US 401(k) pension plan investing in alternative assets, including BTC and ETH, has become a bipartisan consensus.

In other words, this policy is unlikely to be overturned just because one party takes power. The underlying logic is quite clear: both parties are pushing in the same direction, which is to make cryptocurrencies more compliant and to facilitate easier purchasing channels.

If pensions can truly flow into the cryptocurrency market legally and compliantly, what does that mean for BTC and ETH? It essentially opens up a massive pool of funds, which is far beyond what retail investors can match. In the long run, this institutional capital entering the market will have a profound impact on the market structure.