Arthur Hayes said in a recent interview that most counterfeit products will be difficult to rise, mainly because they lack market fit and fail to return protocol revenue to consumers. He pointed out that the current market is full of high-valued and low-circulation VC coins, and these projects have raised a lot of money, but it is difficult to attract users to pay for their services. Once the price drops, it will be difficult to gain market favor. Hayes believes that only projects with market fit that can attract users to spend and return protocol revenue to users will have development prospects. At the same time, he predicts that when the market share of Bitcoin reaches 65%, counterfeit products may usher in a new round of growth.