The question of whether bitcoin will go up or back is never out of date. The news that bitcoin was blocked by US $50000 yesterday, causing 250000 people to open their positions, has not yet returned. Today, bitcoin has reached the $50000 mark. Roller coaster style market, let crazy more crazy, vice versa is the same. Interestingly, even for the super rich, there is a clear distinction between the attitude of the super rich and the special coin, or two extremes. Musk and sun Zhengyi are bullish, especially musk. Recently, he has been crazy about bitcoin to “carry goods”. Sun Zhengyi has also made relevant views. He thinks that bitcoin will replace gold. However, Bill Gates and Warren Buffet are bearish on bitcoin, and Buffett thinks that bitcoin is worthless. Can bitcoin really replace gold? Many analysts believe that bitcoin will replace gold as a new global safe haven. In addition, supporters have made different predictions about the soaring price of special currency. For example, sun Zhengyi believes that bitcoin will break the $100000 mark in 2025. Fitzpatrick, an analyst at Citibank, is more optimistic that the unit price of bitcoin is expected to rise to $318000 in 2021. At present, it is impossible for bitcoin to have the property of hedging in the short term. The view that bitcoin will replace gold and become the new king of safe haven assets in the world is nonsense. We should have a consensus on the reasons why gold and US debt have become high-quality safe haven assets, that is, they can hedge against the decline in risk preference, and they are assets with lower volatility, higher liquidity and larger market value. In contrast, bitcoin has a high volatility, poor liquidity and relatively small market value, although the upper limit of bitcoin is 21 million, the quantity is scarce, and it is used for commodity trading more and more. However, bitcoin has high volatility, poor liquidity and relatively small market value. These “fatal injuries” are difficult to change. Therefore, it is optimistic that bitcoin will replace gold. Is bitcoin valuable? Bitcoin, of course, is valuable (and it’s a hassle to argue why it’s valuable), even if it doesn’t have government endorsement like French currency. So why does Mr. Buffett say bitcoin is worthless? Why, as the God of stocks, would he “ignore” the fact that bitcoin has become one of the best performing assets in recent years and continue to be bearish on bitcoin? Can’t understand bitcoin? After all, in 2006, before the birth of bitcoin, he once told Duan Yongping, “don’t know if you don’t know how to vote” on the “super expensive buffet lunch”. Here can also add a sentence, “other people greedy I fear, others fear me greedy”, this sentence is also very Buffett. But, obviously, it’s not that simple. The value of bitcoin, first of all, comes from the recognition of its value by some groups. It is not a productive asset. It can only be valued as much as others are willing to pay for it. Some even compare bitcoin to the tulip bubble of the 17th century, saying that there is no essential difference between them. In the view of Warren Buffett, who only invests in productive assets, bitcoin is really the same as tulip, or calligraphy and painting. In addition, many analysts have pointed out the risk of bitcoin bubble. Given that bitcoin will face more stringent censorship and regulatory policies in the future, it is not known that bitcoin will draw a downward curve in high volatility. As a value investor, Mr. Buffett pursues stable and sustainable income. He chooses a long slope and wet snow to make his wealth snowball. Bitcoin is obviously not in his consideration. When bitcoin breaks through the $50000 mark, I don’t know how many people will interpret it together with Warren Buffet. After all, when it comes to bitcoin, bitimask and Tesla’s $1.5 billion investment in bitcoin can make people crazy for a long time.