The most essential investment opportunity comes from "cognitive jet lag" - not that others don't know, but that others don't believe it.
In the short term, the market is a game of behavior - forced to buy, sell, follow the trend and kill in and out, sweeping through individual judgment like a flood.
In the long run, the market is a race of cognition:
It's never the visible growth figures that really make money, it's whether you can stay one step ahead, gain insight into a future where "others will believe" and dare to bet when it's still being questioned and undervalued.
That's the essence of Davis' double tap: it's not that doubling profits makes you money, but that you're betting on the moment when "others don't realize it's going to double";
It's not that the P/E expansion itself makes you rich, but that you capture the trough of market sentiment that has not yet taken off.
Many people think that investment earns "poor information", but in fact, the information is almost symmetrical now; The real excess return is hidden in the "cognitive gap", more specifically, the cognitive time difference between you and the market.
So, don't ask if an asset is worth it now; The question is: will most people regret not buying it in a few years?
Now try to ask yourself: if you are going to hold this coin for many years, do you feel that you occupy an absolute "cognitive gap"?
Thank you to Mr. Blue Fox for throwing jade and bricks——
In other words:
BTC is the "gold of the financial world",
ETH is the "constitution of the financial world".
1️⃣ETH is an "institutional architecture", not just an asset
The essence of ETH is not a simple "value anchor" like BTC, it is more like an operating system with a new institutional architecture. It carries not only assets on the chain, but also the on-chain reconstruction of "financial operation rules": including liquidation logic, contract execution, fair transactions, and other contents that were originally supported by legal and institutional trust systems, can now be automatically completed by code. This institutional automation capability is one of the fundamental logics for institutions to bet on ETH.
In a nutshell:
BTC is the "gold" of the financial world, and ETH is the "constitution" of the financial world.
2️⃣ ETH is the "second curve" of dollar hegemony
Rather than ETH against the US dollar, ETH is the inevitable support for the digitization of the US dollar. Stablecoins (USDC/USDT) are essentially the "on-chain colonization" of the US dollar, and the current mainstream issuance platform is the ETH ecosystem. This "technology outsourcing" actually made ETH the network infrastructure of the new empire of the US dollar.
So, Wall Street institutions are not interested in ETH itself, but they have realized:
If the US dollar is to continue to dominate the future AI + on-chain world, it is necessary to bet on ETH.
3️⃣ From "investing in ETH" to "building on ETH"
This round of competition for ETH is not just about buying tokens, but a prelude to institutions preparing to migrate financial native business logic to the chain. They not only want to buy assets, but also want to become on-chain banks, on-chain exchanges, and on-chain custodians...... This is a deeper binding of interests.
Here's why:
Grabbing ETH is not about grabbing price, but about grabbing entrances, land property rights, and the right to speak in the future.
On the surface, ETH is an open platform; But the deep logic is that it socializes regulatory risk. Different institutions can deploy protocols, trade products, and do KYC in the ETH ecosystem, while the public chain bears the pressure of underlying governance and technological change. This kind of "anti-risk collective contracting system" is more realistic than going it alone.
BTC is the "value consensus" and ETH is the "institutional consensus".
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