#比特币持有 When I saw ProCap Financial increase its holdings to 5000 Bitcoins, my first reaction was not to look at the number itself, but to think of a saying by Charlie Munger: the stock market is essentially a horse racing betting pool system.

This case is particularly interesting because it precisely confirms the logic I have been contemplating—**position allocation is often more important than valuation**.

Imagine the current situation: the wealthiest group of people in the world, who have received the best financial education and are the asset allocators with the most capital, still have a minuscule allocation to Bitcoin. Many large institutions either have no allocation at all or only allocate it symbolically. What does this mean? It means that when these institutions finally start to act, the marginal buyers in the market will gradually disappear.

Although the actions of ProCap involve limited individual amounts, they represent a shift in attitude—from "whether to allocate" to "how much to allocate." This psychological turning point is crucial. Just like BlackRock's recommendation of a 3-5% allocation ratio, these changes are quietly altering the default consensus in the industry.

What really gives me confidence is not only the value of Bitcoin itself, but also that huge gap in positions. As the uncertainty of the artificial intelligence era grows, while the moat of traditional growth assets accelerates its erosion, the moat of faith in Bitcoin will become increasingly solid.

It is not yet the time to go all in, but it is indeed the moment to seriously consider the allocation ratio. Everyone should arrive at an answer based on their age, investment horizon, and risk tolerance after doing their homework—this opportunity may last longer than most people think.