Bitcoin needs a new narrative, which has become a consensus. The market lacks reasons to buy Bitcoin. The market is not short of money, and even AI leaders with trillions of dollars can rise by 10 points in a day. Bitcoin has also undergone several rounds of narrative iteration: The first narrative: decentralized currency. This narrative brought Bitcoin above $10000 in 2019; But the problem with this narrative is obvious, a currency that is deflationary and has huge price fluctuations is not in line with the long-term development needs of the economy. The second narrative: digital gold. In 2020, Grayscale proposed this narrative, which has continued to this day. But this year, the price of real gold has risen more than that of Bitcoin, and the volatility of digital gold is more like a technology stock, not completely synchronized with the safe haven nature of gold. Asset allocators with a preference for safe haven tend to buy gold directly. What is the new narrative? Yesterday, Musk mentioned Bitcoin in an interview, stating that he believes Bitcoin is an energy currency that conforms to physical foundations. He believes that Bitcoin uses the Proof of Work mechanism to enforce the consumption of real electricity and computing power to ensure system security, thereby directly linking digital value to the energy of the physical world. Musk emphasized that 'you cannot create energy through legislation'. Unlike fiat currencies that can be freely issued by the government or changed by law, energy (and energy based Bitcoin) is difficult to manipulate through political means, which gives it unique value. This statement may sound a bit clich é, but from another perspective, Bitcoin, like AI, is a digital resource created by consuming physical resources. As economist Fu Peng recently pointed out, Bitcoin is somewhat like AI stocks with built-in buybacks, which refer to the cyclical halving of production. This also represents a new understanding of Bitcoin among many traditional investment circles. Compared to AI leading stocks, Bitcoin with over 100000 yuan is less certain than buying AI leading stocks; But 80000 bitcoins and 70000 bitcoins seem to be cheaper than Nvidia, which is 30 times PE.