Kong Jianping: Bitcoin Price Driver is Transitioning from "Cognitive Diffusion" to "Supply Contraction"

BlockBeats News, December 29th. Kong Jianping, former Co-Chairman of Canaan Inc., and current Founder and Chairman of Nano Labs, stated in a post yesterday: "Bitcoin's logic of taking over is undergoing a fundamental change. The past bull market path was very clear: Geek → Programmer → Retail Investor → Mainstream Finance, and each round of increase was the result of cognitive diffusion."

However, after 2024, ETFs and institutional holdings have changed the supply-demand structure. Some BTC is being transformed into silent assets that do not participate in short-term games, similar to when gold entered the central bank system. When chips are locked up for the long term, the number of willing sellers who repeatedly enter and exit will decrease, and the price momentum will shift from 'cognitive diffusion' to 'supply contraction'.

The next round of increase may no longer require a new narrative and belief."