華爾街最強操盤手：從「無產」階級到「超高淨資產」最重要的一課！Sean Bill【邦妮區塊鏈】

Bitcoin Market Analysis & Outlook - Bitcoin's potential to reach $200,000 within the next 6-12 months due to ETF and corporate treasury demand exceeding new coin issuance [5] - Bitcoin's supply-demand imbalance suggests it is undervalued at $108,000-$109,000 [5] - Bitcoin's market capitalization is small compared to the $900 trillion global asset market, indicating significant growth potential [5] - Bitcoin pullbacks are getting shallower as its market cap increases, implying potentially muted upside returns [6] - A punitive tax policy (70%-90%) by the U S taxing authority represents a significant bearish risk for Bitcoin [5] Institutional Adoption & Investment Strategies - Pension funds are increasingly interested in Bitcoin, with BlackRock's ETF launch and Trump's stance as key catalysts [6] - Institutions are still in the early stages of Bitcoin adoption, with investment teams becoming familiar but institutional investment lagging [6] - Bitcoin is viewed as a diversifier with a low correlation to other assets and a positively skewed return distribution [6] - A 1% to 3% Bitcoin allocation is considered manageable for pension funds, balancing risk and potential asymmetric upside [3][5] - Blockstream's new funds target different investor profiles: yield fund (2-4% return) for hodlers, alpha fund for active management around passive Bitcoin exposure, and income fund for unlocking wealth creation [7][18][19][24] Blockstream's Business Model & Bitcoin Ecosystem - Blockstream is focused on building technology solutions for the Bitcoin ecosystem, including the Liquid Network for faster and confidential transactions [54][55] - Blockstream is open to extracting value from altcoins like Ethereum and Solana to increase Bitcoin holdings [33][34] - Blockstream's Liquid Network has $3.2 billion in assets, facilitating tokenization and democratization of access to capital [56][57] - Inefficiencies in the Bitcoin options market and inter-exchange arbitrage opportunities exist [21][22] - The Bitcoin credit market is underdeveloped, with only approximately $5 billion of hedge fund money focused on Bitcoin [31][32]