The report is not investment advice and does not contain price predictions or recommendations to buy or sell. Bitcoin's basic design combines a “scarce digital currency without a central issuer” and a “censorship-resistant payment network”. The value record is expressed not as an account balance but as a set of UTXOs and transaction verification rules, and full nodes independently verify blocks and transactions. Economic security comes from a structure in which BTC issuance rewards and fees are paid to miners, and in the long run, the importance of the fee market increases as block subsidies decrease. 1. Bitcoin does not...
Investment View
Concentration of mining pools can create real concentration of block production, and ASIC manufacturing, power accessibility, and regulatory environment increase the entry barrier to participation in mining. Additionally, because full node operators do not receive direct revenue, the number of nodes and verification diversity depend on user beliefs, economic self-defense, and community culture. BTC is the native asset of the Bitcoin network. BTC is used as a fee payment, miner compensation, store of value, and payment unit. Bitcoin's token design is a single asset model with no separate governance tokens, staking tokens, or protocol stake tokens. BTC’s supply structure focuses...
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Bitcoin is described by bitcoin.org as “a revolutionary payment network and a new form of currency,” and by design it combines a public ledger, proof-of-work, difficulty scaling, and a 21 million BTC supply cap without a central issuer. Bitcoin Core is a reference implementation that includes fully verified nodes and wallet functions, and protocol maintenance continues with Bitcoin Core 31.0 being released in April 2026. (Bitcoin) As of 2026, Bitcoin’s core narrative is three-fold.
Investment View
Institutional integration test: Will the growth of ETFs replace self-custodial and on-chain use and make Bitcoin only a custody product?? Bitcoin's overall maturity is evaluated at 85.9/100. First, it is unclear whether the fee market will sufficiently replace the security budget after the block subsidy reduction.
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