A well-known crypto industry practitioner once expressed an interesting viewpoint: rather than saying that fiat currency will be completely replaced by cryptocurrencies, it is more like Microsoft in the era of cloud computing — not extinction, but a gradual transformation. Against the backdrop of rising asset prices under inflationary pressure, the appeal of traditional fiat currencies is weakening, and more and more capital is seeking new outlets for hedging and appreciation. As an emerging asset class, cryptocurrencies are attracting capital that feels uneasy about the existing financial system. This is not a revolution, but a reallocation of flows. From a long-term perspective of global capital allocation, this shift seems to have quietly begun.