Looking back at history, it is not difficult to find that the long-term trend of asset prices often exceeds people's imagination. Taking the US real estate market as an example, the price of houses has risen from $30,000 in the 1970s to $600,000 today, a 20-fold increase. Such a rise may have been considered incredible at the time, but it has been proven that, in the long run, assets with intrinsic value tend to appreciate over time.

This phenomenon also applies to Bitcoin. From a mathematical perspective, there are only two possible trajectories for Bitcoin's value: it either goes to zero or continues to rise. Although the possibility of it going to zero always exists, as long as Bitcoin does not go to zero, its value is very likely to continue to rise.

Let’s explain this with a simple mathematical model. Suppose the value of Bitcoin is a constant function f(t)=c1, while the value of fiat currency is an exponential decay function g(t)=c2e^(-at). Here, a represents the inflation rate, which according to Keynesian theory, is about 2% for moderate inflation. Therefore, when we measure the value of Bitcoin in fiat currency, we find that the relative value of Bitcoin rises exponentially.

Although this model simplifies the reality, it reveals an important economic principle: in an inflationary world, the relative value of scarce assets tends to rise. Bitcoin, as a new type of decentralized digital asset, possesses unique value storage functions due to its scarcity and global nature.

However, the value of Bitcoin is not only determined by mathematical models, but also requires support from social consensus. More and more people recognize and believe in the value of Bitcoin, and this belief itself becomes a part of Bitcoin's value. From this perspective, Bitcoin indeed has certain characteristics similar to religion or supranational institutions, but its openness, transparency, and the ability to participate freely make it superior to traditional methods of value storage.

Finally, we need to rethink what true value is. When someone criticizes Bitcoin as a Ponzi scheme, we might as well ask: what is the essence of the traditional financial system and fiat currencies? In an increasingly digital world, Bitcoin may represent a new standard for measuring value, challenging our traditional understanding of currency and value.