BTC's original goal was to develop into a payment + wealth storage system. You can think of it like gold 200 years ago—used for both circulation payments and wealth storage. But later, the US dollar gradually replaced gold's role in payments. From the gold standard to the dollar standard, gold didn’t go to zero. Instead, gold continued to rise steadily. However, gold split into gold + USD, and the market value of USD replaced the market value of gold in circulation. The biggest beneficiary of the dollar standard is the issuer of USD—USA. Now BTC is similar. BTC’s position as digital gold for wealth storage hasn’t changed, but the payment part has been replaced by digital stablecoins. BTC has split into BTC + USDC. We remain optimistic about BTC’s long-term goal, but we need to accept that part of BTC’s value has shifted to stablecoins. One of the potential biggest beneficiaries of this shift might be the issuer of USDC—Circle. If you’ve always been bullish on BTC, then you’ll easily understand this value transfer.