The Swiss National Bank rejected the proposal to include Bitcoin in the national reserves, citing concerns over stability, liquidity, and security. However, this controversy is far from over. On one side, traditional institutions worry about Bitcoin's volatility; on the other side, crypto supporters are pushing for a constitutional amendment that would require the Swiss National Bank to allocate Bitcoin as it does with gold. To make this proposal a reality, the initiators need to collect 100,000 signatures by the end of this year. If successful, the term 'Bitcoin' will appear in the Swiss Constitution for the first time, undoubtedly a historic step for the industry. Behind this movement are not just some crypto enthusiasts; heavyweight figures such as Tether executives and members of the Bitcoin Association are also backing it. The reason is simple—amid the continuous devaluation of the dollar and euro, Switzerland must seek more resilient assets to maintain wealth independence, and Bitcoin is one of the best candidates. However, Switzerland's hesitation also reveals a reality: traditional finance's acceptance of digital assets still requires time, and the stability, legal framework, and sovereign risks of crypto assets remain significant challenges. Meanwhile, the other side of traditional finance is quietly being rewritten. Recent data shows that only six institutions hold 88% of the tokenized U.S. Treasury market, especially the giant BlackRock, whose tokenized government bond market value overshadows its peers. The RWA (Real World Asset Tokenization) sector is growing rapidly, but the trend towards centralization is evident, and it may face regulatory 'long-arm jurisdiction' in the future. Overall, the crypto industry is profoundly changing the underlying logic of traditional finance. Even the most cautious countries cannot ignore this wave. In the future, the dual explosion of Bitcoin and tokenized assets will be an irreversible trend. To seize opportunities, one must recognize that change has already begun; those who are slow to adapt will only be swept along by the tide.