《从齐天大圣到ETF：比特币如何被“神佛体系”收编》

Core Viewpoint - Bitcoin has not been eliminated by the mainstream financial system but has instead been absorbed into the dollar-centric financial infrastructure, maintaining its decentralization while becoming increasingly centralized in terms of entry, pricing, liquidity, and legitimacy [2][4]. Group 1: Legitimization and Control - Bitcoin has transitioned from being viewed as a "wild" asset to being recognized as a legitimate asset class, akin to being granted a name and status [2][3]. - The regulatory framework acts as a "tightening spell," controlling the flow of Bitcoin while not being able to shut down the network itself [3][4]. - The system aims to direct Bitcoin's inherent volatility and potential into structured profits and order, effectively channeling its wild nature into a productive force [4][5]. Group 2: Mechanisms of Absorption - The absorption of Bitcoin into the financial system involves regulatory measures that control its use and integration, ensuring it serves the established financial order [4][5]. - The financialization of Bitcoin includes the development of futures, ETFs, custodial services, and compliance measures, which provide it with a formalized role within the financial ecosystem [4][6]. - The narrative surrounding Bitcoin remains, but its operational landscape has shifted, reflecting a balance between institutionalization and the challenges faced by retail investors [5][6]. Group 3: Outcomes and Implications - The benefits of Bitcoin's absorption include a more stable financial order, improved tax collection, and unified regulatory frameworks [5][6]. - However, the cost for Bitcoin as a "rebel" is a loss of autonomy, as it must now operate within the confines of established financial rules [5][6]. - The conclusion suggests a dual existence: institutionalization resembles a structured narrative, while the retail ecosystem reflects a more chaotic and consumptive experience [6].