The concept of investment value has been discussed a thousand times, but it still remains elusive. However, I have a clear understanding of speculation, dissemination, sentiment, and community. Today, let's skip those lofty theories and purely analyze from a trader's perspective how much BTC should be worth.

First, let's talk about the price benchmark based on user consensus. There are nearly 100 million active users worldwide. Even those who don't hold coins recognize this, forming the foundation. Consensus is essentially the sum of everyone's psychological expectations. Look at meme coins—100 million strong consensus can push their market cap to 10 billion; with ten times the user base, 1 billion people, it could reach 100 billion; and with 1 billion users' consensus? A minimum of one trillion. The current market cap roughly aligns with this logic, but that's just the tip of the iceberg.

Second, the unique scarcity. No other asset can replicate its origin story and status. This irreplaceability directly doubles the valuation, pushing it to 2 trillion.

Third, comes institutional and capital influence. National allocations, celebrity endorsements, and smart money from Wall Street have all entered. This momentum is unstoppable. As prices rise, more people follow suit; the more participants, the higher the price. Consensus snowballs and expands. Doubling the valuation again, reaching 4 trillion.

The final layer is the spillover effect of the ecosystem. ETH's innovations and SOL's new gameplay—on the surface, competition, but in reality, all serve to expand BTC's consensus. Any breakthrough that changes production relations ultimately reinforces BTC's narrative.