Philippe Laffont, founder of hedge fund giant Coatue Management, said at the Coinbase Cryptocurrency Summit in New York that while investors may have been put off by bitcoin's early volatility, today's volatility has decreased over time, which means that the cost of investing in bitcoin is falling, and institutional investors' acceptance of bitcoin is also a sign of cryptocurrency maturity. In addition, the number of bitcoin wallets that have held cryptocurrencies for at least a month and sold them all has fallen sharply, suggesting that investors are holding cryptocurrencies for the long term, rather than trading them. Of course, bitcoin is still a small percentage of global net worth at this stage (about $2 trillion of $500 trillion), and if bitcoin is to be seen as an asset of value by more people, it must become a more central asset in the portfolio. For investors who value bitcoin, Philippe Laffont advises against allowing bitcoin to be so large in the portfolio that it becomes a driver of the portfolio.