There has been a question lingering in my mind: Is Bitcoin truly an investment asset, or is it a collective scam that everyone is participating in?

Let's start with the most straightforward phenomenon. Over ten years ago, it was a few dollars each; now it has risen to six figures. This story is told every day. But the problem with this story is—it always implies that you "missed out," encouraging you to "get in now." Those who bought early made profits, new entrants are just taking over. When will this chain break? No one can say for sure. How can you be certain that you won't be the last bagholder?

Next, consider the mining design. Satoshi Nakamoto set the difficulty to increase over time, and the total supply is capped. It sounds very scarce, right? But think the other way around—higher difficulty means more people need to invest money, attracting more capital into the market. It's like a carefully designed funnel. The problem is, the market's capacity is limited. When the bubble inflates to a certain point, it will naturally burst.

Finally, there's the ecological issue. In the crypto market, there is no real dividend mechanism; stocks at least have dividend rights. All coins are under the control of manipulators, and transaction fees are still collected. Why should you be sure that you can make money from the manipulators? A more realistic question is—why are you sure that you are the one who will profit?

Perhaps we need to reflect: what should be the essence of Bitcoin? Is it merely a speculative tool, or does it truly hold other value?