Wu Jihan's Views on Bitcoin: Core Perspective is Personal Long-term Bullishness, but Enterprise-level Strategic Contraction and Shift to AI Computing Power, Not Bearish on Bitcoin Itself.

I. Personal Long-term Bullishness on Bitcoin

- Long-term Value Conviction: Bitcoin is the core asset of the crypto industry, with long-term value continuously growing; crypto as a whole will reach tens of trillions of dollars in scale in the future.
- Volatility is the Norm: Crypto assets are inherently highly volatile, but long-term growth far exceeds short-term fluctuations; even if 95% of tokens go to zero, the remaining 5% (including bitcoin) will still grow substantially.
- Endorsement of Underlying Logic: Bitcoin is decentralized value storage, unconstrained by traditional finance, with irreplaceable digital gold properties.
- Liquidation ≠ Bearish: In February 2026, Bit Deer liquidated 1,132 BTC; Wu Jihan clarified: current holdings of 0 ≠ always zero in the future, it is enterprise strategy, not personal bearishness.

II. Enterprise Level: Strategic Contraction and Shift to AI Computing Power

- Bitcoin Mining Profitability Logic Changed: Bitcoin mining is highly dependent on coin price fluctuations, gross margins are continuously declining, risks are high, stability is poor; post-halving cycle dividends weaken, the "time arbitrage" model is unsustainable.
- AI Computing Power Has Stronger Certainty: AI computing power demand is exploding, a certain track for the next decade; Bit Deer shifted from "betting on coin prices" to AI infrastructure "rent collection", deploying 3GW of power capacity globally.
- Enterprise Responsibility Priority: Listed companies must be responsible to shareholders, highly volatile bitcoin is not suitable for long-term placement on balance sheets; liquidation proceeds are used for AI data centers, land purchases, and locking in electricity.
- Mining Remains a Defensive Business: In 2026, self-operated mining is still a defensive security strategy, ensuring company profitability in bear markets, "sustaining" the AI transition.

III. Future Outlook: Bitcoin and AI Computing Power Advancing in Parallel

- Bitcoin will exist long-term with rising value, but enterprise profit focus is not on coin hoarding, but on computing power services.
- The biggest opportunity in the next decade lies in AI computing power infrastructure, not bitcoin price fluctuations.
- Does not rule out enterprises re-increasing bitcoin holdings when future market cycles change.
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