BlockBeats News, July 31st: At the Binance offline private event, renowned economist Hong Hao shared his latest views on Bitcoin's long-term value and market cycle.

Hong Hao stated that the long-term logic of Bitcoin is very clear. Its fixed supply limit of 21 million coins determines its scarcity and establishes a value foundation that is different from the traditional fiat currency system. Regarding the relationship between Bitcoin and gold, Hong Hao explained that both have scarcity and long-term store of value attributes, but their sources of credibility are different. Gold has accumulated human credibility for thousands of years, while Bitcoin is building a brand-new credit system based on a decentralized network and a fixed supply mechanism. In the long term, the target price for gold is $10,000, and the target price for Bitcoin is $1 million.

Regarding the market's focus on the Bitcoin cycle, Hong Hao pointed out that the limited supply determines that such assets naturally have cyclical characteristics. He believes that, according to his team's cycle model calculations, the third and fourth quarters of this year may usher in an important time window for a new cycle. However, he also reminded investors to remain patient despite the approaching time window and wait for further clarification of market uncertainty.