Seeing Elon Musk's recent comments about "singularity," I suddenly recalled an interesting viewpoint that circulated in the crypto community a few years ago.

Musk's definition of singularity refers to breakthroughs in AI and robotics technology, but it reminded me of the "Bitcoin Singularity" theory proposed around 2019 by an influential analyst in the crypto space. At that time, I was hosting a crypto radio show, and we discussed this topic several times.

The logic behind that theory is quite straightforward—when Bitcoin's annual inflation rate drops below that of the US dollar, the Bitcoin Singularity will occur, leading to an eternal bull market.

Specifically, after Bitcoin's halving in May 2020, the inflation rate fell to 1.8%, while the US dollar inflation rate during the same period was about 2.4%. This crossover point is regarded as the sign of the singularity. The theoretical basis of this idea comes from Hayek's concept of monetary competition—when an asset has deflationary characteristics, its long-term value will inevitably surpass that of fiat currency.

The eternal bull market is not just about short-term speculation. It represents a fundamental shift in market structure: from "long bear, short bull" to "long bull, short bear," with Bitcoin prices showing a continuous upward trend and wealth flowing unidirectionally to holders.

This analyst also proposed a wealth classification system: C-level (0.21 BTC+), B-level (2.1 BTC+), A-level (21 BTC+), S-level (210 BTC+), S+ (2100 BTC+). Among them, A-level can guarantee basic living needs, but once the singularity is established, these levels will gradually solidify, making it increasingly difficult for ordinary users to cross the B-level threshold.

This set of theories does have a somewhat academic flavor; honestly, it's a step above simple hype calls. Of course, there are also many skeptics—arguments like "markets that only go up and never down" can always find supporters. These criticisms are also reasonable.

Interestingly, when this viewpoint was proposed, Bitcoin was only around $6,000. Now, looking at the current price, for Bitcoin to have such evangelists is quite impressive.