10x Research: The Logic of Bitcoin Investment Lies in Space Infrastructure and Decentralized Computing

10x Research has released a report stating that the core value of Bitcoin does not lie in combating currency devaluation, but rather in the physical constraints faced by decentralized currencies, including energy, heat dissipation, and geographical jurisdiction. The report points out that with the development of space infrastructure, the thermal, electrical, and regional limitations of data centers may be alleviated in orbital environments. The connection between SpaceX, Starlink, and Bitcoin may represent a long-term layout for future infrastructure development. 10x Research believes that technologies such as satellites, cryptography, and artificial intelligence can both promote the decentralization of power and potentially reinforce resource concentration, with global competition emerging around two sets of infrastructure systems. The report also compares Bitcoin with China's digital yuan, suggesting that they represent different paths of digital infrastructure, and notes that as populations gradually detach from traditional network systems, the business models of companies like Palantir may also be affected.