Ju said Bitcoin’s core network has not changed, but the stories supporting each market cycle have shifted. Past narratives included digital gold, financial freedom, institutional adoption and approval of spot Bitcoin .
Many of those events have already happened. Ju doubts that Bitcoin banking and digital credit can attract ordinary investors.
“Saylor is now pushing Bitcoin banking and digital credit, but I don’t think those concepts are easy for ordinary people to understand,” he wrote.
Ju said more financial institutions could still enter the market and Bitcoin could rise over the long term. Still, he questioned what could drive the next large wave of capital.
“Bitcoin does not just need another catalyst,” Ju said. “It needs a new center of gravity that can unite believers again.”