What surprised me most in this interview was that Sun Yuchen claimed he’s more concerned about BTC than before, yet he hasn’t reduced his BTC position at all. The public video interview between Jin Ming and the founder of TRON lasted 47 minutes, covering cryptocurrencies, AI, and how he actually allocates his capital. The fact that his views and positions don’t always align made me even more curious to hear how he explains it. ① Worried about BTC, but prioritizing protection over selling—core holdings remain intact. Sun Yuchen is concerned that advancements in AI algorithms and quantum computing could undermine Bitcoin’s current cryptographic security—especially for old addresses that haven’t been touched in years and whose holders may not even be able to migrate them proactively. He believes the market is underestimating this risk. Jin Ming pressed him: If you’re so worried, why not reduce your position? His response was that BTC is still held as a core holding; he hasn’t sold any yet. Instead, he’s focusing on implementing more cautious isolation measures for held addresses and closely monitoring technological developments. I found this answer more compelling than a simple “I’m bearish on BTC”: he’s genuinely concerned, but hasn’t turned that concern into a sell order. Ethereum, however, was handled differently. According to his recollection in the interview, after ETH approached $4,800 and then pulled back, he saw a fragile “double top” forming during its next rally. He reduced 80–90% of his ETH position within the $3,600–$4,000 range, retaining only a small core holding—and has not bought back in since. The freed-up capital was largely reallocated into U.S. equities. Don’t misinterpret this: his reduction of ETH was based on his assessment of price structure at the time, not due to the AI security concerns he later mentioned. The key difference in his approach lies in treating BTC as a core holding and ETH as a tactical position. ② Rather than betting on a specific hardware component of AI, he’s more interested in what AI actually accomplishes for people. Among the choices—power, chips, models, applications—Sun Yuchen chose applications, citing health management as an example. He didn’t describe a scenario where “a wearable device tells you whether you’re sick.” Instead, he explained: wearables collect some daily data, while other data still requires clinical testing; these datasets are aggregated and analyzed by AI, then reviewed by doctors or specialists before any health decisions are made. He also explicitly stated that he hasn’t invested in any of the health device companies he mentioned. I found this particularly compelling because it grounds “AI changing lives” in concrete actions—blood tests, data analysis, consulting doctors—and acknowledges that devices can’t capture everything. ③ Sees overvaluation in crowded trades but still holds Nasdaq and NVIDIA. He believes capital is currently too concentrated in a few AI model companies and hardware sectors like chips and storage, with some valuations already extremely high. He expects future value to shift toward companies that actually deliver real applications. Yet when asked about his own U.S. equity positions, he still holds NVIDIA and maintains exposure to the Nasdaq. Jin Ming asked directly: Given your mid-term bearish outlook, have you shorted? No—he hasn’t shorted, and his positions remain unchanged. I listened most carefully to this part. He has reservations about current valuations but still holds his positions—and hasn’t taken any short positions either. Rather than isolating a single phrase like “bearish on AI” or “bullish on applications,” seeing his judgment alongside his unmade moves gives a clearer picture of where he truly stands today. Full video link: https://t.co/MmTInpGTNJ