Friends in the crypto circle want to boost coin prices by acquiring US stocks, while people in the stock market want to raise stock prices by buying coins and increasing coin prices. It seems everyone has a bright future, but without cash flow and user growth, coin prices remain stagnant, and stock prices can't hold up. Companies learning from MicroStrategy find it difficult to accumulate the same amount and average cost of BTC, as they start replicating MicroStrategy's model worldwide, buying up in Japan, Southeast Asia, and Europe. Other publicly listed companies dealing in altcoins also begin to play the MicroStrategy game. When many VCs and crypto funds enter the US and Hong Kong stock markets, and when they sell other altcoins to participate in pump-and-dump schemes, an absurd scene unfolds: everyone is drinking poison to quench their thirst. It seems like they are introducing liquidity into the industry, but without real income and users, that liquidity cannot be sustained. The liquidity explosion in crypto stocks leads to a renewed competition for the scarce liquidity in the crypto industry. Yesterday, while recording a podcast with @Super4DeFi, he mentioned that many DeFi big players are discussing whether to be coin holders or shareholders. Circle has a 200x PE, MKR has a 13x PE, which one is overvalued? Super君 is welcome to answer!