Bloomberg columnist Aaron Brown said that if future price movements replay the rules of the past two cycles, Bitcoin could rise to $60,000 to $400,000 before a sharp fall. However, in fact, today's encryption market is very different from 2013 and 2015. On the one hand, the current encryption market is much larger, with a market capitalization of $260 billion, compared to $1 billion and $3 billion in 2013 and 2015, respectively. The types of cryptographic assets and the number of users in the market are far more than in the past. In 2018, the development of platforms and code bases cost more than $30 billion in investment. Regulation is becoming more clear, and large companies including JP Morgan Chase and Facebook are actively entering the market.