Source: mirror
Author: Daii
Today, the price of Bitcoin has once again surpassed the threshold of 0.09 million dollars, market sentiment is high, and Social Media is filled with cheers of "the bull is back." But for those investors who hesitated at 0.08 million dollars and missed the opportunity to get on board, this moment feels more like an internal interrogation: Am I late again? Should I decisively Buy during the pullback? Will I have another chance in the future?
This is precisely the key point we want to discuss: Is there really a "value investment" perspective in an asset like Bitcoin, known for its extreme volatility? Can a strategy that seems contrary to its "high-risk high-volatility" attributes capture an "asymmetric" opportunity in this turbulent game?
Asymmetric, in the world of investment, refers to the potential returns far exceeding potential losses, or vice versa. It sounds like this isn’t a characteristic of Bitcoin. After all, most people’s impressions of Bitcoin are: either becoming rich overnight or losing everything.
However, hidden behind this polarized perception lies a neglected possibility—during the phases of Bitcoin's periodic deep declines, the methodology of value investing may create a highly attractive risk-reward structure.
Looking back at Bitcoin's history, it has plummeted more than 80%, even 90%, several times from its peak. At such moments, the market is shrouded in panic and despair, and capitulation-style selling makes the price seem to revert to its original form. But for those investors with a profound understanding of Bitcoin's long-term logic: that is a typical "asymmetry"—limited risk for potentially huge returns.
Such opportunities are not easily accessible. They test the investor's level of cognition, emotional control, and willpower for long-term holding. This also raises another fundamental question: Do we have reason to believe that Bitcoin truly possesses "intrinsic value"? And if it does exist, how can we quantify it, understand it, and based on that, formulate our investment strategy?
In the following content, we will officially embark on this exploratory journey: revealing the deep logic behind Bitcoin price fluctuations, clarifying how asymmetry shines during "a river of blood," and contemplating how the principles of value investing are being revitalized in this decentralized era.
However, one thing you should first understand about investing in Bitcoin is that there has never been a lack of asymmetric opportunities, and there are many.
1. Bitcoin, why are there so many asymmetric opportunities?
If you scroll through Twitter today, you will see an overwhelming Bitcoin bull market celebration. The price has once again surged past the $0.09 million mark, with many proclaiming on social media as if the market forever belongs only to the prophets and the lucky.
But if you look back, you will find that the invitation to this feast was actually sent out at the most desperate moment in the market; it's just that many lacked the courage to click on it.
1.1 Historical Asymmetric Opportunities
Bitcoin has never followed a straight upwards trajectory; its growth story is a narrative woven with extreme panic and irrational prosperity. And behind every deepest decline lies an extremely attractive "asymmetric opportunity" — your maximum loss is limited, while your potential gains could be exponential.
Let's take a time travel and let the data speak.
In 2011: -94%, falling from $33 to $2.
That was the moment Bitcoin was first "widely seen", with prices skyrocketing from a few dollars to $33 within six months. But soon, a crash followed. Bitcoin's price plummeted to $2, a drop of 94%.
You can imagine the despair: major geek forums became quiet, developers fled, and even the core contributors of Bitcoin posted doubts about the project's prospects.
But if you had just "bet once" at that time, buying in for $1,000, a few years later when BTC's price crossed $10,000, you would hold chips worth $5 million.
2013 - 2015: -86%, Mt.Gox's explosion.
By the end of 2013, the price of Bitcoin broke $1,000 for the first time, attracting global attention. But the good times didn't last long; at the beginning of 2014, the world's largest Bitcoin exchange, Mt.Gox, announced its bankruptcy, and 0.85 million Bitcoins disappeared from the blockchain.
Overnight, the media reached a consensus: "Bitcoin is finished." CNBC, BBC, and the New York Times all featured front-page stories on the Mt. Gox scandal, with BTC prices plummeting from $1,160 to $150, a drop of over 86%.
But what happened later? By the end of 2017, the same Bitcoin was priced at $20,000.
2017 - 2018: -83%, the ICO bubble burst.
The above image is a report from the New York Times on this major drop, with the text in the red box stating that the investor lost 70% of the position's value.
2017 was the year Bitcoin entered the public eye as the "Q&M Dental speculation" era. Numerous ICO projects emerged, with white papers filled with terms like "disruption," "reconstruction," and "decentralized future," causing the entire market to fall into frenzy.
But as the tide receded, Bitcoin dropped from its historic high of nearly $0.02 million to $3,200, a decline of over 83%. That year, Wall Street Analysts chuckled and said, "Blockchain is a joke"; the SEC filed numerous lawsuits; and retail investors were forced out, leaving the forums silent.
2021 - 2022: -77%, a series of "black swan" events rocked the Industry.
In 2021, Bitcoin created a new myth: the price of a single coin broke through 0.069 million USD, with institutions, funds, countries, and retail investors rushing in.
But just a year later, BTC dropped to 0.0155 million USD. The collapse of Luna, the liquidation of Three Arrows Capital, and the explosion of FTX... a series of 'black swan' events destroyed the confidence of the entire crypto market like a domino effect. The Fear and Greed Index once fell to 6 (extreme fear range), and on-chain activity was nearly frozen.
The above image is from a report by the New York Times on May 12, 2022. It shows the prices of Bitcoin and Ethereum plummeting alongside UST. Now we know that behind the plummet of UST was actually Galaxy Digital's role in pushing up Luna for liquidation.
But once again, by the end of 2023, Bitcoin quietly rose back to 0.04 million USD; after the approval of the ETF in 2024, it surged all the way to today's 0.09 million USD.
1.2 Where do Bitcoin's asymmetric opportunities come from?
We have seen Bitcoin achieve incredible rebounds multiple times in history during seemingly catastrophic moments. So the question arises—why is this the case? Why does this high-risk asset, mocked by countless people as 'pass the buck', keep rising again after crashes? More importantly, how can it provide such asymmetric investment opportunities for patient and knowledgeable investors?
The answer lies in three core mechanisms:
Mechanism 1: Deep cycles + extreme emotions create pricing deviations.
Bitcoin is the only global free market that operates 24/7 without closing. There is no circuit breaker, no market maker protection, and no Federal Reserve backing. This means it is more susceptible to amplifying human emotional fluctuations than any other asset.
In a bull market, FOMO (fear of missing out) dominates the market, retail investors chase prices wildly, narratives soar high, and valuations are severely overdrawn.
In a bear market, FUD (fear, uncertainty, doubt) fills the internet, voices of panic selling are everywhere, and prices are trampled into the dust.
This emotional amplification cycle causes Bitcoin to frequently enter a state of 'price severely deviating from true value.' And this is precisely the breeding ground for value investors to seek asymmetric opportunities.
In summary: the market is a voting machine in the short term, and a weighing machine in the long term. Bitcoin's asymmetric opportunities arise precisely during those moments when the weighing machine has not yet been turned on.
Mechanism 2: Huge price fluctuations, but extremely low probability of death.
If Bitcoin truly were to 'go to zero at any moment' as the media suggests, there would be no investment significance. But the reality is that it has 'survived' every crisis, and each time it emerges even stronger than before.
In 2011, after the price collapsed to 2 dollars, the Bitcoin network continued to operate as usual, and transactions went on.
After the collapse of Mt. Gox in 2014, new exchanges quickly filled the gap, and the number of users continued to grow.
After the FTX crisis in 2022, the Bitcoin blockchain still consistently produced blocks every 10 minutes.
The underlying network of Bitcoin has almost no history of downtime, and its system robustness far exceeds what most people perceive.
In other words, even if the price is halved time and again, as long as Bitcoin's technical foundation and network effects remain, there is no real risk of it going to "zero." Hence, we find a very attractive structure: the short-term downside is limited, but the long-term upside is open.
This is asymmetric.
Mechanism three: value anchoring exists but is overlooked, leading to "overselling".
Many people believe that Bitcoin has no intrinsic value, resulting in a bottomless decline. This viewpoint overlooks several key facts:
Bitcoin has programmed scarcity (21 million coins, halving mechanism);
It has the world's strongest POW network, and costs are calculable;
The network effect is strong, with users exceeding 50 million, and trading volume and hash rate reaching new highs repeatedly;
Mainstream institutions and countries recognize its property as a "reserve asset" (ETF, national fiat currency, corporate balance sheet);
This is also the most controversial issue: does Bitcoin have intrinsic value? This will be elaborated on shortly.
1.3 Will Bitcoin go to zero?
It's possible, but the probability is extremely low. This website has recorded 430 instances where Bitcoin was declared dead.
However, beneath the number of declared deaths, there is a line that tells everyone that if you bought $100 every time someone declared Bitcoin dead, you would now have over $96.8 million, as shown in the image below.
You should know that Bitcoin's underlying system has been running stably for over a decade, with almost no interruptions, whether it was the collapse of Mt.Gox, the Luna crash, or the FTX explosion, its blockchain has consistently produced blocks every 10 minutes. This kind of technical resilience provides it with a strong survival baseline.
Now you should understand that Bitcoin is not an "illogical speculative asset." On the contrary, its asymmetry is so pronounced because its long-term value logic genuinely exists, yet is often severely underestimated by market sentiment.
This leads us to the next question we must explore—can Bitcoin, which has no cash flow, no Board of Directors, and no factories, really be considered "value investment"?
2. Can Bitcoin also be a value investment?
Bitcoin always experiences wild fluctuations, and people waver between extreme greed and extreme fear. Is such an asset really suitable for "value investment"?
On one side are the "margin of safety" and "cash flow discounting" of Graham and Buffett, while on the other side is a "digital commodity" that has no Board of Directors, pays no dividends, does not generate profit, and does not even have a corporate entity. In the traditional value investment framework, Bitcoin seems to have no place.
But the key issue is — how do you define "value"?
If we broaden our perspective from traditional Earnings Reports and dividends to the core essence of value investing —
buying at a price lower than intrinsic value and holding until the value returns.
Then, Bitcoin may not only be suitable for value investing but may even represent the original meaning of "value" more purely than many stocks.
The founder of value investing, Benjamin Graham, once said: the essence of investing lies not in what you buy, but in whether the price you pay is lower than its value. The image above is an AI-generated conceptual drawing of Graham looking perplexed at Bitcoin.
In other words, value investing is not limited to Stocks, companies, or traditional Assets. As long as something has intrinsic value and the market price is temporarily below that value, it can become a symbol for value investing.
But this also raises a more critical question: if we cannot use traditional PE or PB to estimate Bitcoin's value, then where does its "intrinsic value" come from?
Although Bitcoin does not have financial reports like a company, it is by no means without value. It has a complete set of analyzable, modelable, and quantifiable value systems, which, although these 'value signals' are not concentrated in a quarterly report like stocks, are equally real and even more stable.
Next, I will primarily analyze the sources of Bitcoin's 'intrinsic value' from the two dimensions of supply and demand.
2.1 Supply Side: Scarcity, a programmatically defined deflationary model (Stock-to-Flow)
The fundamental value pillar of Bitcoin is its verifiable scarcity.
Total supply cap: 21 million coins, cannot be increased;
Every four years halving: each halving reduces annual supply by 50%, expected to be fully issued by 2140;
After the 2024 halving, Bitcoin's annual new supply will drop to an inflation rate below 1%, with scarcity exceeding that of Gold.
The S2F model proposed by Analyst PlanB (Stock/annual supply) has accurately captured Bitcoin's medium to long-term upward trend post-halving multiple times — after the three halvings in 2012, 2016, and 2020, the price has seen several times growth within 12-18 months, as shown by the first three blue arrows in the figure below.
After the first halving in 2012, Bitcoin's price rose from about $12 to over $1,000 within a year.
After the second halving in 2016, the price soared from around $600 to nearly $0.02 million in about 18 months.
After the third halving in 2020, the price similarly increased from about $8,000 to $0.069 million in approximately 18 months.
You may have also noticed a big question mark that I added to the fourth blue arrow, which indicates the fourth halving; will it continue the previous upward trend? My answer is yes, but the magnitude may further diminish.
It is important to note that the left vertical axis in the above chart showing Bitcoin's price is on a logarithmic scale, where the height from 1 to 10 is the same as the height from 10 to 100. This helps us to clearly see Bitcoin's early trends.
Next, I would like to focus on this model. This model draws on valuation methods used for precious metals such as Gold and Silver. Its core logic is:
Stock: Refers to the total amount of assets that currently exist.
Flow: refers to the annual increase in supply.
S2F ratio = Inventory / Flow.
The higher the S2F ratio of an asset, the less year-on-year supply increases relative to existing stock, making the asset scarcer and theoretically increasing its value.
Gold has an extremely high S2F ratio (around 60), which is one of the important foundations for its role as a store of value. Bitcoin's S2F ratio continues to rise with each halving. For example, after the third halving in May 2020, Bitcoin's S2F ratio rose to about 56, very close to that of gold. After the fourth halving in April 2024, its S2F ratio doubled, exceeding 100, thus surpassing gold in terms of scarcity. See the coordinates on the right side of the question mark in the figure above.
One of the most popular charts in the crypto world is called the Bitcoin S2F model fit chart, as shown in the figure below. It is known not only for its visual simplicity and clarity but also for the logic behind it, which has once become one of the strongest proofs for the "long-term price increase of Bitcoin."
In the above chart, the horizontal axis is the natural logarithm of S2F, and the vertical axis is the natural logarithm of Bitcoin prices. In this log-log space, we see an almost straight red regression line crossing all halving periods in Bitcoin's history, demonstrating an astonishing fit.
This chart attempts to tell everyone that whenever Bitcoin enters a new halving cycle, the newly produced output in circulation is "cut in half," the S2F ratio rises accordingly, and the long-term price predicted by the model is also raised. This model has accurately predicted the first three halving events, but whether it will be accurate for the fourth is still unknown.
However, every model has its limitations, and S2F is no exception. It solely focuses on the supply side: halving, total supply cap, and mining speed, but completely ignores changes in demand. This could still hold in the early days when there were few Bitcoin users and demand had not yet 'matured.' However, after entering 2020, market structure, liquidity, and institutional participation have rapidly increased, and the determination of price has increasingly shifted towards the demand side - namely adoption, market expectations, macro liquidity, regulatory policies, and even Social Media sentiment.
Clearly, a single S2F model cannot convince you, nor can it convince me; we still need a demand-side model.
2.2 Demand Side: Network Effects, Metcalfe's Law
If the S2F model locks Bitcoin's 'supply gate,' then network effects act as the 'demand pump' that determines how high the water level can rise. The most intuitive measurement is the expansion rate of on-chain activity and holding users: by the end of 2024, non-zero balance addresses have surpassed 50 million, while in February of this year, the daily active addresses returned to ≈ 0.91 million, refreshing a three-month high.
Using Metcalfe's Law to roughly estimate - network value ≈ k × N² - when active users double, the theoretical network value can expand to four times its original, which is precisely the underlying force behind Bitcoin's 'step-wise' price increases over the past decade. The above image is also an AI-generated imaginative illustration, with old man Metcalfe happily watching Bitcoin.
Three Major Indicators on the Demand Side
Active Addresses: Measures the real usage heat within a short period;
Non-zero balance addresses: long-term penetration rate indicators; the compound annual growth rate over the past seven years is approximately 12% per year - even with the price halving, the number of holders continues to rise.
Value carrying layer: the capacity of the Lightning Network channels and the number of off-chain payment transactions continue to set new highs, providing a closed loop for "holding coins to actual payments."
This set of "N² Driven + Network Stickiness" demand model has two layers of meaning:
Positive cycle: More users → deeper transactions → richer ecosystem → value enhancement; this explains why whenever ETFs, cross-border settlements, or Emerging Markets payments pull in incremental users, the price experiences a nonlinear jump.
Negative cycle risk: If faced with global regulatory pressures, technological replacements (such as CBDCs or Layer-2 payment variations), or macro liquidity depletion, activity and new users may decline together, leading to a reduction in valuation along with N² - this is a scenario of "demand fracture" that S2F cannot capture.
Therefore, linking the supply-side S2F with the demand-side network effects is necessary to form a more complete valuation framework: when S2F indicates long-term scarcity, and active addresses and non-zero balances maintain an upward slope, the demand-supply mismatch will amplify the asymmetry; conversely, once activity continuously declines, even if scarcity remains unchanged, it could trigger a simultaneous adjustment in price and value.
In other words, scarcity prevents Bitcoin from depreciating, while network effects enable it to appreciate.
It is particularly worth mentioning that Bitcoin was once regarded as the "geek's toy" or "the epitome of a bubble." But today, its value narrative has quietly shifted.
Since 2020, MicroStrategy has included Bitcoin on its balance sheet, having accumulated 0.538 million Bitcoins, as shown in the image above. A detailed introduction to the shift in strategy was provided in my article "Bitcoin Dividend."
Subsequently, global top Asset Management institutions like Blackrock and Fidelity launched Bitcoin spot ETFs, bringing in billions of dollars in incremental capital. Morgan Stanley and Goldman Sachs began offering BTC investment services to high-net-worth clients, and even countries like El Salvador have adopted it as legal tender. These changes represent not just a capital embrace but also an endorsement of "legitimacy" and "institutional consensus."
2.3 Summary
In the valuation world of Bitcoin, supply and demand are never isolated variables but rather the "double helix" that constitutes asymmetric opportunities.
On one hand, the S2F model starts from programmatic deflation, using a mathematical formula to depict the lifting power of scarcity on long-term prices;
On the other hand, network effects are based on on-chain data and user growth, demonstrating the real demand foundation for Bitcoin as a "digital network."
In such a structure, the mismatch between price and value becomes increasingly clear—this is precisely the moment value investors look for: when sentiment is low, and prices fall below the comprehensive valuation model, the window for asymmetric opportunities quietly opens. This also leads to the question we truly need to discuss: is the essence of value investment to seek these asymmetric opportunities that are undervalued by sentiment and corrected by time?
The essence of value investing is to seek asymmetry.
The core of value investing has never been just about 'buying cheap things,' but rather is based on a more fundamental logical foundation: seeking a limited risk and potentially huge return asymmetrical structure in the misalignment between price and value.
This is the essential difference between value investing and trend investing, momentum trading, and technical speculation.
Trend investing relies on market inertia, speculative trading bets on short-term fluctuations, while value investing calmly assesses the long-term value of assets at moments when market sentiment is extremely deviated from rational judgment, decisively buying when prices are significantly below that value, and waiting for the market to return to rationality. This approach works precisely because it establishes a natural asymmetrical structure: the worst result you endure is controllable loss, while the best result you achieve often far exceeds expectations.
If we carefully examine the logic of value investing, we will find that it is not a specific operational method, but rather a structural thinking based on probability and imbalance.
The reason investors analyze 'margin of safety' is to assess the downside potential in the worst-case scenario.
The reason for studying 'intrinsic value' is to clarify the likelihood and scope of the target price's return.
The reason to "patiently hold" is that asymmetric return structures often require time to materialize.
None of this is aimed at pursuing perfect predictive ability, but rather at building a "betting structure" amidst a series of uncertainties—where the gains from correct judgments far exceed the losses from incorrect ones; this is the essence of asymmetric investment.
Many people misunderstand value investment as conservative, sluggish, and low volatility, when in fact it is quite the opposite. True value investment does not mean "low returns, low risks"; it means exchanging controllable risks for a highly asymmetric return potential. Whether it is early Shareholders investing in Amazon or long-term investors quietly buying Bitcoin during a bear market, they are fundamentally doing the same thing: when most people underestimate the future of an asset, and its price is pushed to extreme ranges due to emotions, policies, or misunderstandings, they are quietly positioning themselves.
From this perspective:
Value investment is not a past ancient strategy of "buying cheap and steadily receiving dividends"; it is the common language of all true investors pursuing asymmetric return structures.
It emphasizes not only cognitive ability but also emotional control, risk awareness, and faith in time. It does not require one to be smarter than others, just to remain calm when others are frantic, and to dare to bet when others are fleeing.
Therefore, understanding the deep relationship between value investing and asymmetry also leads to understanding why Bitcoin, despite its form differing from traditional assets, can be embraced by serious value investment methods. Its volatility is not the enemy, but a gift; its panic is not a risk, but a pricing error; its asymmetry is a rare opportunity for asset revaluation in this era. True value investors are waiting for the next such opportunity, quietly positioning themselves amidst the still waters.
4. How to invest in Bitcoin using asymmetry?
After understanding the source of Bitcoin's intrinsic value and realizing that market fluctuations can create opportunities where the price is below value, the next question is: how can ordinary investors practice value investing in Bitcoin?
It should be emphasized that value investing is not about trying to 'catch the bottom,' which means attempting to buy at the lowest price point, a task that is extremely difficult, if not impossible. The core of value investing lies in starting to buy in batches, with discipline, when the price enters what you judge to be the clearly undervalued 'value zone,' and patiently holding, waiting for the return and growth of value.
For a highly volatile asset like Bitcoin, here are some simple and practical value investment strategies:
4.1 Regular Dollar-Cost Averaging (DCA)
This is the most basic strategy and the one that suits most people best. DCA refers to investing a fixed amount of money to buy Bitcoin at regular time intervals (for example, weekly or monthly), regardless of whether the price is high or low at that time.
Advantages:
Averaging down costs: Buying fewer amounts when prices are high and buying more when prices are low will gradually lower your average holding cost over time, below the market average during a continuous upward trend.
Overcoming emotions: DCA is a disciplined investment approach that can help you avoid impulsively buying high or selling low due to short-term market fluctuations. You only need to execute according to the plan without the anxiety of subjective judgment and timing.
Simple and easy: no need for complex analysis and frequent operations, suitable for investors who do not have much time or energy to study the market.
Regarding DCA, I have elaborated on it in detail in 'Bitcoin: The Ultimate Hedge for Long-Termists.' If there are still questions, it is recommended to read it carefully.
4.2 Dynamic adjustment combined with market sentiment indicators: Fear & Greed Index.
Based on DCA, if you want to slightly improve the efficiency of your investment, you can introduce market sentiment indicators as auxiliary judgments. Among them, the 'Crypto Fear & Greed Index' is a widely watched indicator.
This index integrates multiple factors such as market volatility, trading volume, social media sentiment, market dominance, survey data, etc., to measure the overall sentiment of the current market on a scale of 0-100:
0-25: Extremely Fear.
25-45: Fear.
45-55: Neutral
55-75: Greed
75-100: Extreme Greed
The contrarian thinking of value investing tells us, "Be greedy when others are fearful, and be fearful when others are greedy." Therefore, we can integrate the Fear and Greed Index into the DCA strategy:
Basic RSP: Maintain a regular investment plan every month/week.
Add when fearful: When the index enters the "Extreme Fear" range (for example, below 20 or 15), it indicates that market sentiment is extremely pessimistic and prices may be severely undervalued. At this time, additional investments can be made outside of the regular investment.
Cautious/reduce when greedy (optional): When the index enters the "Extreme Greed" range (for example, above 80 or 85), it indicates that market sentiment is overheated and risks are accumulating. At this time, one may choose to suspend regular investments or even consider selling portions of profits in batches to lock in gains.
4.3 Important Reminder
Never invest more than you can afford to lose. Bitcoin remains a high-risk asset, and its price could go to zero (although the likelihood decreases as it evolves, the theoretical risk always exists). Proper asset allocation should match Bitcoin's proportion in your total investment portfolio with your risk tolerance. However, Bitcoin is also the least risky cryptocurrency, so it should dominate your entire crypto assets. My asset allocation is - Bitcoin: Ethereum: Other = 5:3:2.
Using DCA or a dynamic DCA strategy combined with emotional indicators essentially practices the core principle of value investing: acknowledging that the market cannot be predicted, taking advantage of irrational market fluctuations, and accumulating assets in a disciplined manner in areas where prices may be below intrinsic value. Remember: investing should not become the most important thing in your life; you should not worry endlessly about it.
Conclusion
Bitcoin is not a gambling table to escape reality; it is a footnote for reinterpreting reality.
In this uncertain world, we often mistakenly believe that safety is stability, risk aversion, and distance from fluctuations. But true safety is never about avoiding risk; it is about understanding risk, managing risk — and being able to see the value foundations buried under the sand when everyone else turns to flee.
This is the true essence of value investing: finding asymmetric structures forged by cognition amid emotional misalignment; quietly buying those market-forgotten chips at the deepest troughs of cycles, which will ultimately return to their rightful positions.
As for Bitcoin, as a financial species that is written into algorithms with scarcity, evolves value within networks, and is repeatedly reborn in panic, it is the purest presentation of this asymmetry. Its price may never be calm; but its logic remains consistent: scarcity is the lower bound, networks are the upper bound, volatility is opportunity, and time is leverage.
You can never precisely time the bottom for Bitcoin, but you can traverse one cycle after another, continuously buying misunderstood values at reasonable prices. Not because you have magical judgment, but because you possess a higher-order way of thinking — you believe: the best bet is to place your chips on the side of time when others are turning to exit.
So please remember this saying:
Those who place bets at the depths of irrationality are often the most rational; and time is the most faithful deliverer of asymmetry.
This game always belongs to those who understand the order behind the fluctuations and see the logic behind the collapse. Because they know: the world does not reward emotions, but rewards cognition. And cognition will ultimately be proven by time.
