从报纸到钞票：技术总是先啃价值链最短的骨头

Core Insights - The article discusses the transformation of traditional financial assets through blockchain technology, starting with the most basic asset form: cash [1][2] - Bitcoin and stablecoins represent two distinct approaches to "on-chain cash," with Bitcoin being decentralized and stablecoins being centralized and dollar-pegged [3][4] Group 1: Investment Attributes Comparison - Bitcoin is characterized by decentralization and value supported by scarcity, while stablecoins are centralized and pegged to assets like the US dollar [5] - Bitcoin exhibits high volatility and is suitable for long-term value storage or speculation, whereas stablecoins have low volatility and are ideal for liquidity management [5] - Bitcoin serves as a digital gold for inflation hedging, while stablecoins function as transaction tools and DeFi infrastructure [5] Group 2: Roles in Global Financial Landscape - Bitcoin acts as a decentralized currency that challenges national credit, providing a means of value storage that is politically neutral and technically verifiable [6] - Stablecoins, while appearing as "shadows" of the US dollar, extend American financial power and challenge monetary sovereignty in developing countries [7] - Stablecoins facilitate core activities in the DeFi ecosystem, making them essential for on-chain financial transactions, while Bitcoin serves as the value anchor [7] Group 3: Future Outlook - The future of on-chain assets is expected to focus on cash rather than traditional assets like stocks, bonds, or real estate [8]