Wu said that the blockchain issued a paper saying that although there are many large institutions entering in 2019, insiders have revealed that data from major exchanges show that the number of new users in 2019 is growing very slowly. People in the currency circle will have similar feelings. There are not many new people in the circle, and more old currency people are playing together. In the short term, the sentiment brought by the historical experience of halving the inevitability will indeed lead to a small bull market for cryptocurrencies as a whole. However, the acceptance of more users and the promotion of index projects are the cornerstones of long-term development. At present, everything is not optimistic.