Bitcoin rebels against the world, the world buys Bitcoin

Nakamoto 2025-11-3 09:37 91996人围观 BTC

🚀 1. The illusion of revolution: Bitcoin from "decentralized utopia" to "compliant asset" Bitcoin was born after the 2008 financial crisis and was a rebellion against the old financial order. Satoshi Nakamoto wrote in the white paper: "A purely peer-to-pe

🚀1. The illusion of revolution: Bitcoin from “decentralized utopia” to “compliant asset””

Bitcoin was born after the 2008 financial crisis as a rebellion against the old financial order.

Satoshi Nakamoto wrote in the white paper:

“A purely peer-to-peer version of electronic cash.”

This is a monetary dream that is free from bank and state credit.

Fifteen years later, the biggest buyers of Bitcoin are no longer “anonymous geeks” but Wall Street behemoths: BlackRock, Fidelity, and Grayscale ……

They are exactly the institutions regarded by the crypto community as “representatives of the old order.”

In 2024, the passage of Bitcoin spot ETF marks the complete entry of crypto assets into the traditional financial system.

This is not only deregulation, but also an institutionalized “co-optation”.

🏛️2. BlackRock’s calculation: Are ETFs a “bridge” or a “cage”?

BlackRock controls more than $10 trillion in global assets and is the "central bank of the modern financial empire."

Why is it pushing for a Bitcoin ETF?

There are three core logic points:

Profit redistribution:
ETFs allow institutions to absorb retail investors' funds within a compliance framework and earn management fees and derivatives arbitrage income.
Control entry:
Through the custody and clearing system, ETFs bring Bitcoin back into the “regulatory scope” of traditional finance.
Risk transfer:
There are fewer real Bitcoin holders, and more people have become buyers of “price shadows” rather than real holders of on-chain assets.

As a result, Bitcoin gradually changed from the form of "private key management" to the custody model of "trusting the ETF issuer".

Not your keys, not your coins, the symbol of freedom, began to be repackaged as another kind of "compliant trust."

🎭3. The stripping of the soul: When “decentralization” is financialized

The greatest significance of ETF is to allow traditional funds to enter the "crypto market."

But the biggest problem is - it strips away the soul of Bitcoin: self-sovereignty.

In an ETF structure:

Investors do not own Bitcoin private keys
Prices are reflected in fund shares
Market manipulation risks are legitimized by “financial engineering”

This means: Bitcoin’s “freedom” is packaged by the financial system as an “asset allocation option””； It is no longer a weapon against the system but an extension of the system itself.

This is just like when the Roman Empire faced pagan beliefs, it chose not to destroy them, but to "absorb" and "deify them." Therefore, the "rebellious gods" eventually became the objects of worship in the imperial temples.

Wall Street is the "Roman Pantheon" of modern finance.

💨4. Belief and fear: Are people buying freedom or hedging?

Bitcoin’s rising logic has shifted from “freedom” to “fear.”

In the past, people bought Bitcoin to protect against inflation.

Today, more institutions are buying Bitcoin because they are worried about the credit risk of the US dollar system.

In other words, Bitcoin has become a release valve for the "crisis of confidence".

It is no longer a flame of rebellion but a vessel for pressure relief—providing a “permitted exit” through the cracks of dollar hegemony.

This is the brilliance of institutions like BlackRock: they don’t stop Bitcoin’s rise, but reshape control over its rise.

🧠5. Conclusion: The price of freedom is the risk of being institutionalized

The fate of Bitcoin seems to be trapped in a paradox:

If accepted by the system, it loses its sense of rebellion；
If it refuses to accept it, it will be marginalized and suppressed by regulation.

The passage of ETF has brought Bitcoin "under the light of mainstream finance", but that light may be a spotlight - like a symbol of freedom, but it has become a commodity that is displayed, priced and traded.

So the question is not "Is Bitcoin free?" but rather: when freedom is absorbed by capital, what is left for people?

Maybe you should build your own cold wallet；

Or maybe you need a hardware wallet；

At least, you must have a simple, easy-to-use, secure, free, and private Mixin wallet.

Note: The pictures in this article were generated by Doubao, and the content is assisted by AI.

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