Kong Jianping: Bitcoin Price Driver is Transitioning from "Cognitive Diffusion" to "Supply Contraction"

On December 29th, Kong Jianping—former co-chairman of Canaan Inc. and current founder/chairman of Nano Labs—said in a post yesterday: “Bitcoin’s adoption logic is undergoing a fundamental shift. Past bull runs followed a clear path: Geeks → Programmers → Retail Investors → Mainstream Finance, with each rally driven by cognitive diffusion.” Post-2024, however, Bitcoin ETFs and institutional holdings have reshaped supply-demand dynamics. Some BTC is being turned into “silent assets” that don’t participate in short-term trading—similar to how gold became part of central bank reserves. When coins are locked up long-term, the number of willing short-term sellers drops, and price momentum will shift from “cognitive diffusion” to “supply contraction.” “The next Bitcoin rally may no longer need a new narrative or set of beliefs.”