Author: Revc, Golden Finance

As of now, listed companies have held more than 500,000 Bitcoins, worth approximately US$48 billion, accounting for 2.422% of the total Bitcoin supply. Institutional investors’ acceptance of Bitcoin has increased significantly. By including Bitcoin on their balance sheets, these companies not only promote the legalization and market recognition of Bitcoin, but also provide impetus for the further development of its ecosystem. The behavior of companies holding Bitcoin also brings a certain degree of market stability, laying the foundation for the long-term growth of Bitcoin value. However, the financial conditions of these companies are closely related to Bitcoin price fluctuations and face potential market risks.

The innovation sensitivity and high risk appetite of entrepreneurs are the main force for the development and popularization of crypto assets. In a free economic system, the entrepreneurial spirit is respected and is the prerequisite for keeping the economy active, thus leading the way. social progress and development.

Under the most immediate weighing of pros and cons, entrepreneurs know what to put on their balance sheets. Through their judgment of risks and returns, we can get a glimpse of the direction and trend of future development.

List of listed companies holding currency

At the current stage, Bitcoin investment is mainly favored by technology giants. MicroStrategy leads the way with an absolute advantage in holdings, and its investment returns are also the most significant. In addition to technology companies, companies in finance, gaming, industry and other fields have also invested in Bitcoin, showing the market's widespread attention to crypto assets.

MicroStrategy

- Main founder: Michael J. Saylor

- Introduction: MicroStrategy is a company focusing on business intelligence and data Analyzing software company, since 2020, its CEO Michael Saylor has used Bitcoin as a core strategic asset to hedge against US dollar inflation. The move makes MicroStrategy a pioneer in enterprise adoption of Bitcoin and is widely seen as an important step toward legitimizing the crypto industry.

- Financial status and market performance: MicroStrategy raised funds through multiple public additional stock issuances to purchase more than 380,000 Bitcoins. The market value of its positions increased significantly during the Bitcoin bull market. This strategy makes MicroStrategy's stock price highly correlated with Bitcoin movements, making it considered a "Bitcoin proxy stock."

Marathon Digital Holdings Inc

- Main founder: David Martz

- Introduction: Marathon Digital is a Bitcoin mining company dedicated to expanding its mining operations farm and use renewable energy to increase mining capacity. The company aims to provide scalable, cost-effective mining services and drive the growth of crypto networks.

- FinanceStatus and market performance: The company's revenue in 2024 will increase due to increased mining output, but its profitability will be affected by Bitcoin price fluctuations and energy costs. Marathon's stock price is highly correlated with the crypto market, performing strongly during the bull market but also facing regulatory and energy cost pressures.

Riot Platforms, Inc.

- Main founder: Jeff McGonegal

- Introduction: Riot is a company focusing on Bitcoin mining and blockchain technology The company has consolidated its leadership position in the industry by continuously expanding mining capabilities and optimizing energy efficiency.

- Financial condition and market performance: Riot experienced share price fluctuations in 2024 due to Bitcoin price fluctuations, with growth in mining capacity partially offsetting market uncertainty. It reduces mining costs and improves operational efficiency through energy management cooperation.

Tesla, Inc

- Main founder: Elon Musk

- Introduction: Tesla first announced the purchase of Bitcoin in 2021 as part of an asset diversification strategy , a move that marks mainstream corporate acceptance of cryptocurrencies. Although its core business remains electric vehicles and clean energy, Tesla’s crypto investments have attracted widespread attention.

- Financial status and market performance: Tesla’s Bitcoin holdings accounted for a small proportion in the financial report, but its investment initiatives affected Bitcoin market sentiment. However, Tesla's performance in its core business dominates its stock value.

Coinbase Global, Inc.

- Main founder: Brian Armstrong

- Introduction: Coinbase is one of the world's largest cryptocurrency trading platforms, and its mission It is to promote the openness of the global financial system. The company became a public company through a direct listing in 2021 and is an iconic enterprise in the crypto industry.

- Financial condition and market performance: Coinbase’s revenue mainly comes from transaction fees, and its performance and stock price are closely related to the trading volume and price trends of the crypto market. In 2024, the company's user growth will be significant due to the recovery of market demand, but it faces regulatory scrutiny and competitive challenges.

Hut 8 Corp

- Main founder: Andrew Kiguel

- Introduction: Hut 8 is a Bitcoin mining company headquartered in Canada, focusing on Providing computing power to the network while seeking to improve energy efficiency to reduce mining costs.

- Financial condition and market performance: Its stock price and earnings are highly dependent on the price of Bitcoin, and it profits significantly when the price rises. But the company is also affected by changes in energy costs and regulations.

Block, Inc.

- Main founder: Jack Dorsey

- Introduction: Block (formerly Square), in addition to traditional payment solutions, through its Spiral project (formerly Square Crypto) Investing in Bitcoin development drives blockchain innovation in payments and financial services.

- Financial status and market performance: Block’s Bitcoin business is auxiliary, and its main revenue still comes from the payment business, but the company is actively involved in the development of decentralized technology to enhance its competitiveness in the encryption field.

Galaxy Digital Holdings

- Main founder: Michael Novogratz

- Introduction: Galaxy Digital is a company that provides cryptocurrency financial services, and its business scope covers investment Banks, asset management and trading are important players in the institutionalization of the crypto market.

- Financial condition and market performance: The company’s revenue has fluctuated due to the fluctuations in the crypto market, but with its diversified service model and professional financial support, it has brought greater transparency and compliance to the industry.

Entrepreneurship: 15 years beyond

Entrepreneurship is the core force in promoting social development and technological innovation, especially playing a key role in the exploration and promotion of emerging technologies. This ethos is particularly evident among those who pushed for Bitcoin adoption early on. Its far-reaching impact on social development can be better understood from the following aspects:

1. Exploring new markets and technological frontiers

The essence of entrepreneurship lies in identifying unmet needs and exploring emerging technology opportunities. Early promoters of Bitcoin (such as Michael Saylor, Elon Musk, Brian Armstrong, Jack Dorsey, etc.) took the lead in entering the field of blockchain and cryptocurrency with their keen insight into the potential of decentralized financial systems. Their actions not only accelerated the technical application of Bitcoin, but also built a complete encryption ecosystem.

With excellent risk tolerance and foresight, these entrepreneurs have explored the practical applications of Bitcoin in stored value, transactions and decentralized finance (DeFi). For example, Michael Saylor, through MicroStrategy’s large-scale Bitcoin investment, showed traditional enterprises how to use Bitcoin as an effective tool to combat the devaluation of fiat currencies.

2. Challenging the traditional financial system

These entrepreneurs play the role of "financial reformers" to a certain extent. By promoting the use of Bitcoin, they challenge the traditional financial system and emphasize the importance of decentralization, transparency and censorship resistance.

Jack Dorsey: Developing Bitcoin payment technology through Block to promote financial inclusion.

Brian Armstrong: via Coinbase builds a convenient cryptocurrency trading platform to provide ordinary users with a way to enter the crypto world.

This subversion of the traditional model not only inspires more financial innovation, but also prompts traditional institutions to re-evaluate the potential of digital currency and blockchain technology, thereby triggering systemic changes in the financial field.

3. Promote the progress of technology and social cognition

Entrepreneurship is not only reflected in the creation of economic value, but also in the shaping of social cognition. Faced with doubts and uncertainties, early Bitcoin promoters took practical actions to enhance Bitcoin's legitimacy and social recognition.

For example, Elon Musk’s public announcement of Tesla’s investment in Bitcoin in 2021 not only significantly boosted market sentiment, but also attracted wider public attention. The actions of these entrepreneurs indicate that they do not view Bitcoin merely as a speculative instrument, but see its long-term value and potential social benefits.

4. Drive ecosystem development

Entrepreneurs who drive Bitcoin adoption become catalysts for the blockchain ecosystem. Their investment and innovation behaviors have attracted the influx of capital, technology and talents, and driven the prosperity of the entire ecosystem.

Bitcoin mining companies (such as Marathon Digital and Riot Platforms) have promoted the development of environmentally friendly mining technology by expanding the scale of the network and integrating it with clean energy.

Smart contract platforms (such as Ethereum), decentralized applications (DApps) and the DeFi ecosystem have also accelerated their maturity due to the actions of these entrepreneurs, providing society with more innovative financial tools and solutions. plan.

5. Take risks and promote social change

The core of entrepreneurship lies in the bold acceptance of risks. Early Bitcoin promoters took huge financial and reputational risks to join this emerging field, providing society with a testing ground for breaking traditional rules. This spirit not only embodies a firm belief in innovation and the free market, but also sets an example for subsequent cryptocurrency enterprises.

The efforts of these entrepreneurs have enabled Bitcoin to develop from a fringe technology to an important force in promoting changes in the financial system, while also laying the foundation for future innovation and social change.

Parallel Time and Space: Bitcoin and Entrepreneurs’ Choices

On October 31, news that MicroStrategy planned to raise US$42 billion in funds in the next three years attracted market attention. Wang Feng, founder of Linekong Interactive, subsequently posted a post on the Even threatened prosecution. Wang Feng deeply regretted this and said: "If my proposal is implemented in 2019, Linekong Interactive's book cash will now reach about 2 billion yuan."

Wang Feng also mentioned that until 2023 After he returned as CEO at the beginning of the year, the company began to implement a Bitcoin investment plan.plan, but at this time the price of Bitcoin has risen to US$26,000 per coin. He believes that the missed opportunities that year had a profound impact on the company's development and also reflected the complex game of entrepreneurs in decision-making.

In parallel time and space, today, four years later, MicroStrategy founder Michael Saylor plans to introduce his Bitcoin purchase strategy to the Microsoft board of directors, advocating that companies achieve a more stable, low-risk financial structure by investing in Bitcoin. He even suggested cash-rich companies such as Berkshire Hathaway, Apple, Google and Meta put Bitcoin on their strategic agenda. He said: "These companies have a lot of cash, but they are actually consuming shareholder value."

However, upon a calm look, the rise of Bitcoin is not an accident, but is more a comprehensive product of historical events - the new crown epidemic The global easing triggered by the epidemic, the ongoing conflict in the Russia-Ukraine war, and "black swan events" such as the Trump election have all provided a unique background for Bitcoin's prosperity. If these variables were missing, Bitcoin might not thrive as much as it did.

Michael Saylor’s experience provides a clear sample for understanding the typical traits of European and American entrepreneurs:

1. Outstanding traits

Boldness and persistence: Saylor firmly believes that “you must be all in to play the game” ”, embodying a very high sense of adventure and execution.

Business wizard: He keenly captures trends such as the Internet, mobility and cloud computing, and promotes the rapid growth of MicroStrategy.

Personal charisma and influence: Attract investors with passionate speeches and narratives, and build his public image as a thought leader.

Pursuing excellence and luxury: His pursuit of top quality of life complements his high degree of control over the company's development.

2. Shortcomings and Challenges

Saylor’s growth has not been smooth sailing, and his shortcomings and failures are equally significant:

Blind confidence and insufficient risk awareness: His attitude towards accounting issues in the early days of the company’s establishment A lack of rigor in handling led to an accounting scandal and stock price crash in 2000. This exposed his lack of emphasis on financial management and compliance.

Autocratic management style: Saylor’s extreme control over decision-making led to frequent turnover of senior executives. His refusal to delegate limited the team’s room for growth and affected the company’s long-term development.

The idea didn’t last: Despite his keen insight, he lacked the patience to turn his idea into a long-term business. For example, he sold two projects, Alarm.com and Angel, prematurely, failing to tap into greater market potential.

Slow response to market trends: He questioned the potential of Bitcoin in the early days, missed the first-mover advantage, and did not start deploying Bitcoin assets until 2020. While the shift has brought success, it also reflects a generally conservative attitude toward emerging technologies.

Luxury life conflicts with management focus: Saylor pursues social and luxurious life, often neglecting business operations due to excessive shaping of personal image. This behavior weakens the stability of company management to a certain extent.

Risk of relying on a single strategy: Saylor later bet MicroStrategy entirely on Bitcoin. Although it brought huge returns, it exposed the company to extremely high financial risks. Once the Bitcoin market fluctuates, the company may be in trouble.

Saylor’s two-sided traits reflect the typical characteristics of European and American entrepreneurs to some extent: keen business insights and bold decision-making abilities coexist, but they are also accompanied by shortcomings such as blind confidence and concentration of risks.

Judging from Saylor’s experience, corporate decisions are often shaped by the external environment, personal style and historical contingency. Whether it’s missed Bitcoin investment opportunities or aggressive strategies to “all in” Bitcoin, both choices are driving the evolution of the crypto industry. Ultimately, these experiences not only provide lessons for the industry, but also shape the larger context for Bitcoin’s development.

"Counterattack" entrepreneurs and "counterattack" politicians have brought about a booming bull market for the encryption industry.

In the era of AI, the way of thinking about neural networks

In the gold standard period, the purchasing power of the US dollar was mainly determined by the supply and demand of gold, international trade, economic strength, institutional guarantees, military and geopolitical factors, social trust, and external shocks. factors support. The stable supply and demand of gold are the core factors. International economic rules and industrialization have strengthened the global status of the US dollar, while stability and social trust ensure the long-term stable operation of the monetary system.

Entering the late stage of the gold standard, the purchasing power of the U.S. dollar is mainly supported by the following factors:

Monetary and financial systems: the Federal Reserve’s interest rate regulation, money supply management, and the U.S. dollar’s ​​status as the global reserve currency, Become the core supporting the purchasing power of the US dollar.

Economic strength and productivity: The size of the U.S. economy, its technological innovation capabilities, and its dominant position in global trade have promoted the widespread use of the U.S. dollar around the world.

Geography and military power: The United States’ military hegemony and leadership in international affairs ensure the credibility of the U.S. dollar in global payments and settlements.

Energy and Commodity Pricing: The U.S. dollar’s ​​role as the main pricing currency for global oil and other commodities (the “petrodollar”) has strengthened its demand and value.

International trust and capital flows: Investors’ trust in U.S. dollar assets makes the United States a safe haven for international capital, especially when the global economy is in turmoil.

During the gold standard period, the purchasing power of the US dollar mainly relied on the direct support of gold supply and demand and the international economic rules under the fixed exchange rate system. After the gold standard, the purchasing power of the U.S. dollar turned to rely on the currency of the Federal Reserve, the strength of the U.S. economy and its dominant position in the international financial system. During the gold standard era, the purchasing power of the U.S. dollar was centered on the scarcity of physical gold, while in the post-gold standard era, it relied more on the credit monetary system and global trust in the U.S. dollar. thisThis transformation reflects the evolution of the U.S. dollar from a commodity currency to a credit currency.

The birth and popularity of Bitcoin can be seen as a response to the failure or insufficient support of the purchasing power of the traditional monetary system. The specific manifestations are as follows:

Fighting inflation and currency depreciation: the Federal Reserve’s easing Currencies (such as quantitative easing) and rising inflation undermine the purchasing power of fiat currencies. As an asset with a fixed total amount, Bitcoin ensures scarcity through algorithms and is regarded as "digital gold", providing investors with a tool to combat currency devaluation.

Debt crisis and lack of trust: U.S. debt has hit record highs, and the market is increasingly worried about credit. Fiat currency relies on credit, but excessive debtization may lead to economic imbalance. The decentralized nature of Bitcoin prevents it from being directly affected by a single entity, enhancing trust in long-term value.

The need for economic and financial freedom: The traditional financial system is limited by supervision, currency controls and cross-border payment barriers, which often restricts the economic freedom of individuals and enterprises. Bitcoin provides the ability to conduct peer-to-peer transactions, bypassing bank intermediaries, achieving efficient and borderless value transfer, and meeting the need for economic autonomy.

Expectations for currency deification: Currency has been issued in a long-term manner, but this model is vulnerable to international competition and intervention. The emergence of Bitcoin represents the practice of the "monetary decentralization" ideas of economists such as Hayek. It gets rid of the control of the central bank and the central bank through a decentralized mechanism and becomes a super form of currency based on code trust.

Technological revolution and financial innovation: The transparency, security and non-tampering characteristics brought by blockchain technology respond to the lack of trust and insufficient efficiency in the traditional currency system, and provide a solution for decentralized finance ( DeFi) has opened up a new path. As the first application of blockchain, Bitcoin created a new paradigm of technology-driven currency.

The emergence of Bitcoin can be seen as the product of a crisis of trust in the global monetary system. Unlike the gold standard period, which relied on gold scarcity, and the post-gold standard period, which relied on economic strength and finance, Bitcoin's purchasing power comes from technological transparency, scarcity, and alternatives to the failure of traditional economic power structures. It is not only an asset, but also represents people’s pursuit of a fairer, freer, and more decentralized economic future.

From the perspective of neural networks, this evolution can be explained by the neural network model: During the gold standard period, the purchasing power of currency was affected by the supply and demand of gold and the guarantee of economic and military strength. These two factors were the main components at that time. . In the later stages of the gold standard, the main component of the US dollar’s ​​purchasing power shifted to Fed regulation and commodity pricing. In the era of encryption, the friendliness of Bitcoin makes up for the legal shortcomings of cryptocurrency and indirectly provides it with economic and military power protection, but at the same time it also weakens the decentralized nature of Bitcoin to a certain extent. With the formation of social consensus, trust becomes the main supporting factor of currency purchasing power. As this trend develops, cryptoassets will gradually become less dependent on legal rationality and may even have the power to call for economic or military power.force, thus making the trend of cryptocurrency unstoppable.

The core of the neural network method is that in the process from signal input to result output, the influence ranking of the same parameter (factor) in each neuron is a non-linear transition. Each neuron is a customized multi-dimensional model, and the parameters and functional expressions will be regenerated. The last neuron of the current currency purchasing power model, consensus and "limited currency total" are the most important principal components, and will no longer be It’s the Fed currency, commodities and economic strength.

Entrepreneurship stimulates the vitality of the market economy

Currently, many organizations (such as parts of South America) are out of touch with the market, ignoring the basic principle of compatibility between productivity and production relations. Some regions use inappropriate standards to select talents, similar to using the knowledge density and difficulty of "aerospace" to design training systems and assessment standards just to select workers who can "build buildings". This not only leads to production The waste of resources has also resulted in deformed and unreasonable resource allocation. As a result, society has wasted a lot of manpower and material resources, and the large-scale unemployment wave has exposed the lack of economic vitality and the inability to effectively absorb this part of the labor resources.

If entrepreneurship is compared to plankton in nature and sand gold in "Dune"

Plankton is usually small in size, has a density close to water, and cannot actively swim, so it will drift with the current. They are adapted to a floating environment and often have structures that increase buoyancy, such as protrusions or flattened bodies. Phytoplankton produce large amounts of oxygen through photosynthesis, accounting for more than 50% of the earth's oxygen supply. They reproduce rapidly and are extremely sensitive to environmental changes such as temperature, light, and nutrients.

Plankton is the basis of the water food chain. Phytoplankton act as primary producers, providing energy to higher-level organisms, while zooplankton act as consumers to further transfer energy. They also participate in the global carbon cycle, regulating the climate by absorbing carbon dioxide and releasing oxygen, while supporting material cycles and providing nutrients to ecosystems.

Spice Melange is an indispensable resource in the universe. It has the effect of extending lifespan, enhancing health, and can give humans extraordinary abilities. Its most important role is to enable interstellar navigation. Ingesting sand gold gives the navigators of the Navigating Guild the ability to predict, ensuring the safety of faster-than-light travel. In addition, sandkin enhances the sentience of such organizations as the Witches, and has long shaped the physique and culture of the Fremen.

Sand gold only exists on the desert planet Arrakis, and is generated by the life cycle of sandworms. Its formation process is restricted by specific conditions: extremely arid desert environment, high temperature climate and unique ecological responses. The desert surface of Arrakis is the first place where matter and air interact. The generation of alluvial gold relies on sandworms decomposing organic matter, transforming minerals and unique biochemical reactions.

Alluvial gold is the core of the Arrakis desert ecology. Sandworms coexist with it and affect the food chain and environmental balance of the entire planet. At the same time, it gives the Freymen a unique cultureand meaning. From a cosmic perspective, alluvial gold is the cornerstone of economy and power, and its supply controls interstellar trade and social stability. However, the ecological dependence and scarcity of alluvial gold production make it a center of power struggles and environmental vulnerability.

Through the analogy of "plankton" and "sand gold", we can see that an active economy needs the "ephemera state" brought by entrepreneurs to support the entire prosperity and wealth. A vital ecosystem. In the dissemination of social information, "information state" is needed, that is, frictionless dissemination.

How the Federal Reserve “stole” the rights and contributions of entrepreneurs

The decline of some U.S. industries can be attributed to a variety of complex factors, among which the core issues are globalization, technology transfer, mistakes, and capital-driven Short-sighted behavior. In the second half of the 20th century, the wave of globalization promoted the shift of manufacturing to lower labor costs, especially in Asia, causing the domestic industrial base in the United States to gradually shrink. At the same time, technology outsourcing and intellectual property transfer have exacerbated the United States’ competitive disadvantage in high-tech manufacturing. In addition, the United States has long been biased towards the development of the financial and service industries and has neglected its support for traditional manufacturing. Its tax, trade and regulatory frameworks have failed to effectively protect local industries. The short-term profit orientation of the capital market encourages companies to pursue profit maximization rather than long-term R&D and infrastructure investment.

The above is a symptom of the decline of the US industry, and the core of the decline lies in the Federal Reserve's periodic release of liquidity to the world through currency adjustments. This has made a large number of enterprises and institutions around the world become their vassals, leading to the development of the financial industry and the decline of the real industry. In a highly bubbled environment, the supporting productivity is at an extreme disadvantage in competition with developing countries. In the process of the Federal Reserve cutting interest rates, high-quality companies and zombie companies took over liquidity indiscriminately, while those who increased leverage to pursue capital achieved better development and expanded their balance sheets; companies that focused on scientific research investment even lagged behind Financialized zombie companies. When the Federal Reserve tightened liquidity, the bubbles of zombie companies burst first, and society returned to healthy competition. However, many high-quality companies also missed a development cycle.

As the core regulatory agency of the U.S. financial system, the Federal Reserve’s formulation relies on multiple considerations of employment, inflation, economic growth, financial markets, and the global economy. Its goal is to achieve steady economic development, price stability and financial security, while maintaining the international status of the U.S. dollar.

However, the result today is that the United States is deeply in debt. Although the Fed's policy aims to achieve a healthy economy, every adjustment has beneficiaries and victims. In the financial industry, Musk even criticized the Fed for lagging behind the market in its interest rate cuts. Trump accused the Fed of cutting interest rates to help the Democratic Party's election. However, after Trump came to power, he demanded that interest rates be accelerated to promote economic growth. However, the price of this growth could lead to inflation, once again eroding the purchasing power of the dollar currency.

The above point of view is that the Federal Reserve’s currency may have caused distortions in the market and entrepreneurial behavior. The Fed is incapable of judgingThere is no way to determine which companies are zombies and who should burst in a bubble or wither in a liquidity crunch. The correct approach is to "give to God what is God's and to Caesar what is Caesar's" and let entrepreneurs allocate capital as a productive resource. In the context of a constant monetary aggregate, entrepreneurs compete for financial resources and pay for their actions. This allows entrepreneurs to become the main body of the market and promote the operation of the financial system in the most relevant and efficient way. However, in times of ideological conflict and moments of market correction failure, if the market and entrepreneurs are allowed to dominate the operation of the currency market, it may lead to extreme chaos, but for the sake of market fairness and efficiency, it is worth trying. A fair market and extreme capital efficiency can discover the most valuable tracks and assets, thereby laying the foundation for prosperity.

For non-U.S. companies, they are often more susceptible to the impact of currency changes by the Federal Reserve. Since these companies operate in a market that is not completely free and open, they usually need to pay higher costs than U.S. companies when receiving U.S. dollar capital liquidity, which can easily lead to huge debt burdens and financial pressure. At the beginning of the liquidity tightening cycle, the withdrawal of US dollar liquidity was particularly obvious. During this cycle, enterprises in developing countries lagged behind their American counterparts due to productivity and production relations, and declined faster. Some even lag behind in the market and financial fields when following the Fed's monetary cycle, but they confidently try to break away from the Fed's cycle, that is, they raise or cut interest rates more than the Fed. However, this incongruity has become a heavy burden for entrepreneurs - in the case of rising interest rates, American "quality companies" can often withstand the pressure and even achieve growth, while non-American companies can survive in imperfect market environments. It is no longer easy, and many companies are facing bankruptcy and shrinkage. The cost of releasing water is even more serious.

Summary

The large-scale holdings of Bitcoin by listed companies not only reflect their confidence in this crypto asset, but also mark the transformation of Bitcoin from a niche investment tool to a core global financial asset. This type of participation deepens Bitcoin’s connection with traditional capital markets, enhances its legitimacy and stability, and injects vitality into the entire cryptocurrency ecosystem. However, these companies must also face risks arising from price volatility and uncertainty.

In the process of Bitcoin adoption, entrepreneurship has not only accelerated the popularization of technology, but also promoted changes in the financial system and promoted further opening of the economy and society. With their vision, innovation and risk-taking, early movers pave the way for emerging technologies to gain a foothold in mainstream society, while also reminding us that when facing new technologies, we should view possible changes with a more open and inclusive attitude and opportunities.

It is worth noting that while gradually liberalizing the development of the encryption industry, most companies should avoid Web2 Internet companies and capital from joining forces to monopolize the development of the third generation Internet. The class upward path for contemporary youth should be opened and protected. Monopoly is not a reflection of entrepreneurial spirit.

At the end of this article, a question is raised for readers to think about together: Can a zoo-like society produce the kind of grassland that is the African grassland?Is this the same generational replacement and evolutionary efficiency?