#BinanceABCs The Truth About Digital Gold: The Funding Game Behind Bitcoin's Big Pump

From a few dollars all the way up to 88343.5 USDT, the rise of Bitcoin is indeed astonishing. But looking closely at this crazy curve, the logic behind it makes one wary - it is not much different from the classic game of passing the parcel.

Without the support of corporate cash flow, without the endorsement of the real economy, and without widespread real application scenarios, the price fluctuations of Bitcoin essentially come down to new money entering the market to fill the profits of older players. Early investors make money solely based on the funds of later entrants. Once new capital stops flowing in, the entire system will fall like a waterfall—historically, several crashes of Bitcoin have verified this rule.

Those claims about scarcity and decentralization sound cool, but to put it bluntly, they are just marketing packaging. No one cares how it fluctuates, there is no real market regulation, and prices are manipulated by institutions and large holders that possess a lot of tokens, leaving retail investors to follow passively. They rush in when it rises and get hurt when it falls. This is not investment; it is clearly a psychological game of who can run faster in the end. The stories of $BTC are essentially the same — the more holders there are, the harder it is to exit.