Bitcoin Hits New High: Is It Too Late to Get on Board?

The price of Bitcoin has broken through the $110,000 mark, sparking heated discussions in the market. For investors who missed the opportunity to get on board at $76,000, is it already too late now? This raises a deeper question: is there an opportunity for "value investing" in assets as volatile as Bitcoin?

Looking back in history, Bitcoin has experienced multiple crashes of 80% or even 90% from its peak. During these moments, the market is shrouded in panic, but for investors who deeply understand the long-term logic of Bitcoin, this is precisely a classic "asymmetric" opportunity - taking on limited risk of loss in exchange for potential massive returns.

There are three reasons why Bitcoin can provide so many asymmetric opportunities:

1. Deep cycles and extreme emotions lead to price deviations from value
2. Price fluctuations are intense, but the actual probability of "going to zero" is extremely low.
3. Intrinsic value exists but is often overlooked, leading to an "oversold" state.

Although Bitcoin does not have financial metrics like traditional assets, it possesses a set of analyzable, modelable, and quantifiable value systems. From the supply side, its algorithmic scarcity ( with a constant total supply and periodic halving ) is the core value support. From the demand side, the continuously expanding user base and network effects drive its value growth.

Combining supply and demand factors, we can construct a valuation framework for Bitcoin: when the supply-side signals long-term scarcity, and the demand-side user activity continues to rise, the mismatch between supply and demand amplifies asymmetrical opportunities.

The essence of value investing is not just "buying cheap", but rather finding structures with limited risk but significant potential returns in the gap between price and value. It does not require perfect predictions, but instead constructs a bet: when you are right, what you gain far exceeds what you lose when you are wrong.

For Bitcoin, its extreme volatility is not a risk, but an opportunity brought by mispricing. True value investors do not shout in a bull market, but quietly position themselves under the storm.

So, is it too late to get on board now? The answer depends on your understanding of Bitcoin's long-term value and your ability to remain rational amidst market sentiment. Remember:

• Scarcity is the bottom line
• The network is the ceiling
• Volatility is opportunity
• Time is leverage

The best investment is not betting on price charts, but standing on the side of time. Those who can read the order behind the chaos will ultimately be proven right by time.