Former U.S. President, CZ, and Elon Musk—these influential figures' recent statements seem to be acting independently, but they actually point to the same signal: the crypto market is undergoing an unprecedented paradigm shift.

Trump proclaimed "cryptocurrency has great potential," CZ succinctly declared "坚持创新，2026会很爽" ("坚持创新，2026会很爽"—"坚持创新，2026 will be very exciting"), and Musk also joined the hype predicting "2026会很炸" ("2026 will be explosive"). Their rare alignment is no coincidence. Behind it lies a comprehensive resonance spanning geopolitics, capital flows, and technological frontiers.

**Policy Shift Changes the Game Rules**

In the past, crypto was just a small-town youth’s adventure game. But that changed dramatically in March last year with an executive order—official recognition of Bitcoin as a strategic reserve by the U.S. government. This is not just a simple endorsement but an ideological milestone. Soon after, countries like Kyrgyzstan and Brazil began legislative moves to include digital assets in national asset allocations.

Fidelity Digital Assets offered an interesting assessment: this injection of national-level demand could completely break the previous four-year cycle, giving way to a sustained multi-year super bull run. In other words, what we might be witnessing is an independent market trend driven by macro policies, decoupled from traditional financial cycles.

**Risks Beneath the Prosperity**

Of course, celebration always comes with costs. 2025 is dubbed by the industry as the "Digital Asset Summer"—over 250 listed companies announced a shift to become digital asset treasury firms. How fast was this? They borrowed over $20 billion to buy crypto assets. The leverage and participation levels reached unprecedented heights.

Behind this aggressive expansion lies the confidence born from regulatory shifts (such as the SEC’s special task force). But history shows that every extreme boom sets the stage for the next correction. The inflated derivatives market with high leverage is, in some ways, like a tightly stretched string, waiting for a trigger.

So the question is: how long will this super cycle last? How can retail investors find a balance between national strategic play and risk zones?