Hong Hao: The long-term value of Bitcoin stems from scarcity, and a new cycle may begin in the third and fourth quarters of this year

At the Binance private sharing event, economist Hong Hao stated that the fixed supply limit of 21 million Bitcoin coins determines its scarcity and establishes a value foundation distinct from traditional fiat currencies. Hong Hao believes that Bitcoin relies on a decentralized network and a fixed supply mechanism to form a new credit system, with a long-term target price of $1 million and a gold target price of $10000. According to the cycle model calculation, there is an important time window for a new cycle to emerge during the transition period between the third and fourth quarters of this year.