The bull run of Crypto Assets is far from over, and the global economy is at an inflection point in the inflation cycle.

There are currently some concerns in the market regarding the Crypto Assets market, such as the belief that the bull run has ended or worries that Bitcoin is underperforming compared to the NASDAQ. However, these views overlook the broader changes in economic cycles.

Looking at the three major economic cycles from the Great Depression of the 1930s to the present, we can divide them into local periods and global periods. Local periods are usually accompanied by financial repression and inflation, while global periods are characterized by a relaxation of financial controls and deflation.

From 1933 to 1980 was a period of peaceful rise in the United States, where the government financed wars through financial repression, and the stock market became the only outlet for savers. From 1980 to 2008 was the peak global cycle of governance in the United States, characterized by relaxed financial regulation, a strengthening dollar, and stock market performance far surpassing gold.

Since 2008, we have been in a new round of local cycles. In the face of the economic crisis, the Federal Reserve has once again adopted quantitative easing policies. At the same time, geopolitical conflicts are intensifying, and countries are turning to internal economies. This means that savers will once again face financial repression and worsening inflation.

Unlike previous cycles, the emergence of Bitcoin this time provides a new safe haven for capital. As a stateless digital currency, Bitcoin has advantages over gold and fiat currencies, which also explains why Bitcoin's performance far exceeds that of gold and the stock market.

Although there are concerns in the market about the current bull run, from a longer economic cycle perspective, we are at the beginning of a period of inflation. The government will continue to suppress domestic savers in order to fund the war and maintain system stability. The capital misallocation issues caused by quantitative easing are also becoming increasingly apparent.

In the future, what we need to focus on is no longer the central bank's balance sheet, but rather the fiscal deficit and the total credit of non-financial banks. The U.S. budget deficit is expected to continue rising, and GDP growth expectations remain at a high level. This means that fiscal and monetary conditions will continue to be loose.

In such an economic environment, holding Crypto Assets is the best way to preserve value. The current situation is similar to that of the 1930s to the 1970s; in the face of the impending fiat currency devaluation, one should take advantage of the current opportunity to freely transfer assets and allocate funds to Crypto Assets.