Looking back at the director's views in January: BTC's turning point comes from a deteriorating global situation, war/blockade/sanctions. When shipping routes are blocked, the frictional costs of physical gold transactions increase, allowing BTC's new narrative to be redefined. At that time, the idea of ​​buying gold in turbulent times might be reconsidered as "buying BTC in turbulent times." Following the events in Iran, a large amount of funds were transferred through exchanges by converting into cryptocurrency/BTC, further demonstrating the extremely high transaction costs associated with acquiring, carrying, and transporting gold after the outbreak of war, especially for ordinary people. BTC, on the other hand, becomes a more effective alternative to stablecoins in resisting censorship, sanctions, and asset freezes. The events in Iran served as a small-scale preview and were a market driver behind the recent strong rebound in Bitcoin. However, given Iran's relatively small economy, this momentum is not expected to be sustainable. When a larger geopolitical conflict erupts in the next cycle, it's easy to see where the driving force behind BTC's rise will come from.