#资产代币化 Seeing Goldman Sachs' report, it reminds me of the conversations I've had with many investors over the years. Everyone is waiting for a signal—the certainty of regulation.

The data is quite interesting: 35% of institutions see regulatory uncertainty as the biggest obstacle, while 32% believe regulatory clarity is the most important catalyst. What does this reflect? It’s the caution of institutional capital. They are not pessimistic; they just need clear rules. Just like we need to understand the game rules before allocating any asset.

Asset tokenization is indeed progressing. But I want to remind everyone that understanding mechanism innovation and regulatory windows are two different things. The former determines long-term possibilities, while the latter influences short-term pace. Even if regulatory and environmental policies improve, it doesn’t mean you should rush to get on board. History shows that each wave of regulatory dividends is accompanied by emotional-driven volatility.

If you’re paying attention to this field, ask yourself a few questions: How much volatility can my position withstand? How deep is my understanding of these assets? Is their proportion in my overall allocation reasonable? Often, the most stable returns come from those who can remain restrained amid excitement.

Time will prove the value. There’s no need to chase every trend.