#比特币与黄金战争 Remember that joke — 10,000 BTC for two pizzas. When I first heard that story eight years ago, my friends and I laughed heartily, thinking this was just a small joke among geeks, who would really put their money on code? Back then, the crypto world was chaotic, like an unregulated underground trading market. Prices fluctuated wildly, with people winning big one day and disappearing the next. I thought it was just a temporary bubble.

Eight years later, the pizza story has become a textbook example, and those who mocked it back then have gone silent. I’ve gone from an observer to a participant.

The moment that truly made my heart race wasn’t a sudden surge, but the day the spot ETF was approved. When I saw that news, I didn’t feel the excitement I expected; instead, I sensed something was quietly changing. In that instant, I understood — this thing has stepped out of its small circle.

When policies embrace, regulations come in, and compliance systems are established, it means the once wild expansion phase is coming to an end. Those who relied on luck, courage, and sleepless nights will gradually be phased out by the market. Only those who truly understand the risks, have discipline, and can endure long-term will survive.

$ETH is the same. This wave of change isn’t a bad thing; on the contrary, it shows that the entire market is growing up. From a speculative playground to an asset allocation tool, from underground markets to the sunlight. The future belongs to those who are patient, understand the rules, and can adapt to change.