The backend is filled with soul-searching questions like "Is this the bottom now?" Some people stay up all night watching the market for a few hundred yuan fluctuations, while others buy the dip until they are emo all night. It wasn't until I finished reading a recent projection report from a major asset management firm that I realized how vast the gap is between retail and institutional thinking—these guys don't care about 1-2 year cycles at all; their time horizon is directly set to 2050.

Let's look at the core data first. Under the baseline scenario, the price of Bitcoin could reach $2.9 million, with an annualized compound growth rate of 15% from the current level; even in the most conservative bear market scenario, there's a $130,000 target with a 2% annualized growth; the most aggressive "Bitcoinization" scenario soars to $53.4 million, with a 29% annual growth rate. At first glance, this seems outrageous, but the underlying assumptions of institutions are actually quite pragmatic: Bitcoin accounts for 5%-10% of global trade flow, plus a 2.5% allocation as a reserve asset on central banks' balance sheets.

This is not just wishful thinking. The Czech National Bank has already become the world's first central bank to directly purchase Bitcoin, albeit a tiny proportion, but with profound symbolic significance; Harvard's endowment fund has also heavily invested in related trust products, directly becoming the largest holding. Even the most conservative traditional institutions are starting to act, indicating that this wave is not just retail fantasy.

Honestly, in the short term, the market is just an emotional game—retailers are guessing tops and bottoms here, while institutions are planning with decades-long horizons. Two approaches, two worlds.