Recently, I have been studying an interesting phenomenon: major economies such as Japan, Switzerland, Europe, and the United States are all experiencing a form of invisible financial repression.

What is financial repression? Simply put, it means that the nominal returns you earn from bank savings cannot keep up with the pace of monetary expansion. In other words, while interest rates on paper are rising, the actual purchasing power is shrinking. In this environment, passively holding fiat assets actually results in losses.

This is the real story. When the returns on risk-free assets (government bonds, deposits) are eroded by inflation, investors start looking for alternatives. Why do Bitcoin and scarce assets appreciate? Because their appreciation rate exceeds the rate of currency devaluation.

The recent sideways movement in the market can also be explained from this perspective. In the short term, the market is digesting changes in global central bank policies, but the long-term logic remains unchanged: in the context of financial repression, Bitcoin, which has no cash flow, has become the hardest asset. It does not rely on corporate profits nor require interest support; it is simply valuable because of its scarcity. This is similar to the logic of gold—just more transparent and portable.

This also explains why institutions and high-net-worth investors are allocating to Bitcoin—not for high yields, but for asset protection. In an era of abundant global liquidity and continuous fiat devaluation, the appreciation logic of scarce assets is the true key.