Orange Evening Analysis 5.22 After a long wait, Bitcoin finally broke through its previous high early this morning and firmly stood above 110,000. Bitcoin's new high once again confirms its cyclical nature. This wave, which saw a pullback from the previous high of 109,000 to a low of 75,000, is almost identical to the storyline of 2021, when it pulled back from 64,000 to 30,000. Even though many media outlets have been bearish on the crypto market over the past few months, claiming the bull market is dead and a deep bear market is imminent, I still believe Bitcoin will prove them wrong. This ATH (All-Time High) is truly exhilarating. Just like in 2021, Bitcoin has once again staged a deep pullback during the bull market followed by a new high. This time, considering the changes in market structure, it's no longer a game of cat and mouse between retail investors and whales. Instead, it's a competitive landscape between nations and institutions. This can be seen from the trading strategies of players like BlackRock and MicroStrategy, who buy more as the price hits new highs. Their view of the market far exceeds the imagination of those within the crypto community. Therefore, the numbers often mentioned by ARK's Cathie Wood, such as Bitcoin reaching 1 million or 1.5 million, may not be entirely unrealistic. This could very well happen, and by then, Bitcoin might have surpassed all other super assets. In fact, since Trump took office, cryptocurrencies have completely entered the realm of legitimacy. It's like leaving the beginner's village in a game, and the entire landscape has opened up. For example, strategic reserves—Trump not only issued his own coin but also created WLFI and personally got involved in buying Bitcoin. This shows that Bitcoin reserves are not just about gaining crypto votes; he's serious about it. Even his son Eric publicly admitted to owning a large amount of Bitcoin, and Trump himself is no exception. Previously, U.S. officials were extremely cautious when discussing such risky assets. But since Trump came into power, crypto has become a very positive asset, akin to Apple or NVIDIA stocks. People can praise it or criticize it, but they will acknowledge its existence. After assessing the risks, they naturally understand whether it's worth investing in. This represents an elevation in consensus. Furthermore, Trump has proposed using crypto to solve the U.S. national debt problem. We can now see his thought process—it might involve replacing the dollar system with a Bitcoin + stablecoin system. Last night, FOX reported that the Genius Stablecoin Act has passed the motion and entered the amendment stage, indicating that stablecoin legislation is about to be enacted. In my previous articles, I explained the benefits of the stablecoin act for crypto. First, it allows institutions and large amounts of capital to enter the blockchain legally. This includes not only liquid funds in accounts but also many immovable or non-liquid assets, such as U.S. Treasury bonds backing stablecoins. When a company holds a large amount of U.S. Treasury bonds, it can replicate 1:1 stablecoins on the blockchain while holding them, similar to staking and lending in the crypto market, but without wasting capital efficiency. This is equivalent to 2x leverage with theoretically no risk. If the entire scale of U.S. Treasury bonds goes on-chain, it means $37 trillion entering the crypto market. Currently, Bitcoin's market cap is only about $2.1 trillion. This influx of funds could drive prices up dozens of times. Moreover, the repayment crisis of U.S. Treasury bonds would be postponed because the stablecoin act grants new liquidity and utility to U.S. Treasury bonds, even offering higher returns. Of course, real estate and other tangible and intangible assets can also be tokenized through the stablecoin act, which falls under the category of RWA (Real World Assets). This is why the RWA sector has been surging recently. Globally, other countries can emulate the U.S. model by reserving Bitcoin and tokenizing real-world assets to issue stablecoins. Small countries like El Salvador have already started reserving Bitcoin. Regarding stablecoins, South Korea reported yesterday that its new president, Lee Jae-myung, plans to launch a Korean won stablecoin and Bitcoin ETF before taking office. Hong Kong's stablecoin act has entered its third reading stage. Other countries are also making moves, and even in East Asia, there are signs of relaxation, shifting from prohibitive policies to systematic planning. Within a few years, countries may start competing in Bitcoin reserves and crypto TVL (Total Value Locked). However, domestically, the sentiment toward crypto remains cautious. Although Bitcoin's $110,000 milestone made it to the trending list today, I noticed many comments from non-crypto individuals still describe it as a bubble, a scam, or an American conspiracy. This shows that the general public's understanding of crypto remains relatively low. There is significant room for growth in consensus levels in the future. Other countries are likely in a similar situation. Despite crypto's deep roots in China over the years—whether in CEXs, mining farms, computing power, chip manufacturing, or project teams—domestic consensus remains limited. Other countries' understanding of crypto is likely even lower. As awareness grows, people will realize that Bitcoin, like gold, is an excellent store of value. Last night, Texas' Bitcoin Reserve Act passed the vote and is now awaiting the governor's signature. This is almost guaranteed, as the Texas governor is a Republican and strongly supports crypto. So, good news is expected soon. Today, Binance launched the WLFI stablecoin USD1, which serves as solid evidence of Trump's investment in Binance. Previously, Binance announced receiving $2 billion in investment from Abu Dhabi, reportedly in the form of USD1. Essentially, this means the Trump family has invested in Binance. Now that USD1 is live, it signifies the funds have arrived. It is expected that Binance will soon launch a large batch of USD1 trading pairs. Additionally, the meme coin $B on Binance suddenly became associated with WLFI, possibly indicating that this coin was issued by a member of the Trump family. Last night, it was even included in WLFI reserves, pushing its market cap past $260 million. All projects related to WLFI and USD1 are skyrocketing, especially $LISTA, $STO, and $B, which have seen the most significant gains. Other projects held by WLFI include $ETH, $WBTC, $TRX, $LINK, $AAVE, $ENA, $MOVE, $ONDO, $SEI, $AVAX, $MNT, and $EOS. These are worth paying attention to as they are part of the "Presidential Selection" sector. Additionally, $HYPE has gained massive traction due to the intense battle between James and Insider Bro, with its price surging 15% and nearing ATH. $WLD has also taken off after securing a new $130 million investment from a16z. Overall, after Bitcoin's new high, altcoins are becoming harder to suppress. It seems the altcoin bull market is just around the corner, so hold on tight, everyone!