Take a look at the current prices; it really does seem to have the flavor of a "bottom area."

We often say "long-term holding," but it turns out it's not just a one- or two-year thing. Recently, a report from VanEck pushed the timeline all the way to 2050 and presented a staggering figure—under the baseline scenario, Bitcoin could break through $2.9 million per coin. Converting that to an annualized compound growth rate, it's about 15%.

At first glance, it sounds outrageous, but their assumptions are very rigorous: Bitcoin accounts for 5-10% of global trade and also makes up 2.5% of central bank reserves on the balance sheet. Comparing the scenarios, the conservative (bear market) estimate is $130,000, with an annual growth rate of only 2%. The super bullish "hyper-bitcoinization" scenario tells a different story—Bitcoin accounting for 20% of global trade and 10% of GDP, with a theoretical price soaring to $53.4 million, and an annual growth rate of 29%.

This is what is called "short-term is emotion, long-term is hypothesis."

VanEck also openly discusses their advice to institutions: a diversified portfolio with 1-3% BTC is enough for most, but if risk appetite is high, historical backtests show that allocating 20% can optimize overall returns. Their core conclusion is simple—Bitcoin is transforming from a "speculative asset" into a "strategic reserve asset."

Getting back to reality is interesting. Most retail investors are still debating whether Bitcoin will go up or down at 90,000 or 80,000, while institutions are already planning how to structure their assets by 2050. Compared to this time horizon, current volatility is really a process of trading time for space. Long-term holding, it turns out, is truly "long-term."