Cathiewood, the founder of ARK Fund, recently stated in a live broadcast hosted by MSCI and co-organized by CFA Institute and Wind 3C that in the early stages of Internet development, few people thought that it would be linked to business, because the early Internet was mainly for intelligence agencies, For the services of the defense department and academia, the public was not allowed to use the Internet until 1991. Therefore, the initial Internet naturally does not have a payment system. We believe that blockchain technology is the endogenous payment platform of the Internet, and Bitcoin is the reserve currency in all cryptocurrencies. We believe that most of the value of blockchain technology will increase A handful of cryptocurrencies converge. As for the decentralized finance centered on blockchain technology, a parallel financial service ecosystem has almost been developed, including investment, leasing, and derivatives, and almost all aspects of traditional financial services. Blockchain technology is still in the early stages of development, it is very risky, but we believe that the management and governance of its ecosystem has been greatly improved, because the collapse of encrypted assets after the epidemic and the bankruptcy of many investors have made the area The control of the block chain is more complete. We have also seen more and more institutional investors begin to invest in Bitcoin. We also know that the total supply of Bitcoin is only 21 million, and now it has reached 19 million, so it has the characteristics of scarcity, making it visible Cheng is digital gold. We believe that the intervention of institutional investors is a boost, and the price of Bitcoin has no correlation with other encrypted assets. Therefore, we believe that Bitcoin is another new asset class that we have discovered since the 1600s. In the past six months, what has surprised us most is that companies like Tesla have begun to buy Bitcoin to diversify the risk of holding cash. This may be because these companies want to expand their business in Africa, and these regions are due to their national currencies. The currency value is unstable and it is difficult to trade.