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This article deconstructs the changes in Chinese academia and regulatory perceptions of Bitcoin over a decade, revealing the dynamic game between financial innovation and institutional regulation.

I. Value Denial Phase (2011-2017)

■ 2011 (≈60 RMB)

• The central bank and five ministries issued (Notice on Preventing Bitcoin Risks)

• Peking University Financial Research Center report: "Virtual symbols based on hash algorithms do not possess currency attributes"

• Economist Lang Xianping: "Bitcoin is programmers' self-entertainment"

■ 2013 (≈600 RMB)

• Research report from Tsinghua University's Wudaokou School of Finance: "Three-tier circulation structure with Ponzi characteristics"

• Chinese Academy of Social Sciences (Financial Regulatory Blue Book): "Daily volatility exceeds 7%, not consistent with value storage function"

■ 2017 (≈6,000 RMB)

• Risk warning from the Internet Finance Association of China: "Disguised ICOs suspected of pyramid scheme crimes"

• CSRC cleaned up and rectified exchange documents: "94.7% of trading volume has false components"

II. Regulatory Strengthening Phase (2021-2022)

■ 2021 (≈400,000 RMB)

• The State Council Financial Committee's fifty-first meeting: "Crackdown on Bitcoin mining and trading activities"

• Eight provinces, including Inner Mongolia, shut down mining sites (annual electricity consumption of 21.5 billion kWh)

• Global hash power share plummeted from 65% to 0%

III. Value Reconstruction Phase (2024 to Present)

■ 2024 (≈760,000 RMB)

• IMF (Global Financial Stability Report): "Bitcoin shows anti-inflation asset properties"

• Federal Reserve's balance sheet shows holding 42,000 BTC (audit documents disclosed)

• Hong Kong Stock Exchange officially launched Bitcoin spot ETF (average daily trading volume exceeded 5.8 billion HKD)

[Analysis of the Roots of Cognitive Conflict]

1. Technical Understanding Gap: Academia has not kept up with the technological iterations of UTXO model and Taproot upgrade

2. Regulator Paradigm Lag: Using (People's Bank Law) framework to respond to DeFi innovation (TVL exceeds $100 billion)

3. Value Assessment Misalignment: Measuring BTC value with M2 growth rate, ignoring its absolute scarcity of 21 million coins

[Data Perspective]

• Evolution of volatility: Annualized volatility decreased from 147% in 2013 to 63% in 2024

• Institutional Holdings: Total holdings of listed companies reached 985,000 BTC (accounting for 4.7% of total circulation)

• Compliance process: 37 jurisdictions worldwide established regulatory sandboxes for crypto assets