Frankly speaking, the director is pessimistic about the "supercycle" for two reasons: 1. Viewing Trump as the industry's savior is the biggest misalignment of expectations in this cycle. This misalignment hasn't been picked up by the market yet; Wall Street, pension funds, Middle Eastern sovereign institutions, and central banks are still speculating. If you look at the BTC now, you'll find it's becoming increasingly intertwined with Trump, and this guy is also quite disliked; he practically ruined his reputation at Davos. He's severely undermined consensus; his personal wealth and policies are all tied to this. After his constant meddling, fewer and fewer countries and financial institutions are willing to support him. Central banks around the world, and ordinary people like myself, are all buying gold based on consensus. 2. Another problem with BTC is that a group of OGs, inspired by technological ideals, have cashed out to invest in the AI ​​industry chain. Just like the shock they felt when they saw the BTC white paper, AI has shocked them no less. Once their attention and capital have shifted, they may not come back. Of course, the director still holds hope for the cycle: BTC's turnaround comes from a deteriorating global situation, war/blockade/sanctions. When shipping routes are blocked and the physical delivery costs of gold increase, BTC's new narrative can be redefined. At that time, buying gold in turbulent times might be viewed with new perspectives. Buy BTC in chaotic times!