10x Research: The Real Investment Logic of Bitcoin May Lie in Space Infrastructure and Decentralized Computing

Odaily reported that 10x Research released a report stating that the market generally believes Bitcoin's core value lies in hedging against currency devaluation, but this is not its real investment logic. The report suggests that the core constraint facing decentralized currency is not monetary policy, but physical conditions, including energy, heat dissipation, and geographic jurisdictional limitations.

The report points out that with the development of space infrastructure, the thermal, power, and geographic constraints faced by data centers may be alleviated in orbital environments. The connection between SpaceX, Starlink, and Bitcoin may represent a long-term layout centered on future infrastructure construction.

10x Research believes that technologies such as satellites, encryption technology, and artificial intelligence can both promote the decentralization of power and also reinforce resource concentration. The world is competing around two sets of infrastructure systems.

The report also compares Bitcoin with China's digital yuan, viewing them as representing different directions of digital infrastructure pathways, and notes that as populations gradually move away from traditional network systems, the business models of companies like Palantir may also be affected.