I. **Basis and Logic of the 'Harvesting Theory'**

1. **Dollar Capital Dominates the Crypto Market**: After the approval of Bitcoin spot ETFs, substantial capital influx from Wall Street has objectively strengthened the dollar's control over the pricing of crypto assets. The interconnection between capital flow and derivative operations (such as options hedging) allows U.S. institutions to harvest global retail investors through volatility arbitrage.

2. **Policy Arbitrage and Risk Transfer**: The U.S. attracts global funds into cryptocurrency during regulatory easing periods, while in times of economic downturn (such as during an escalating debt crisis), institutions transfer risk to emerging market investors through cross-market derivatives. For example, during the sharp decline of Bitcoin in early 2025, U.S. institutions profited through call/put option combinations.

3. **Political Symbolization Operations**: Trump issuing 'TRUMP coin' and promoting gold monetization in multiple states appears to be innovation, but in reality, it is a means for individuals and interest groups to amass wealth (with a market value of $30 billion in 12 hours), while simultaneously undermining the credibility of the dollar and exacerbating global panic for alternative assets.

### 🔍 II. **Simplification and Bias of the 'Ponzi Scheme' Label**

1. **The Nature of the Market is Not Unilateral Manipulation**: The crypto market is influenced by multiple parties (developers, miners, retail investors, and regulators from various countries). Although U.S. capital has advantages, it cannot completely control the market. Historical operational errors by large institutions (such as huge losses during the transition from bull to bear markets) prove they are not 'omnipotent harvesters'.

2. **Misalignment of Ponzi Scheme Characteristics**: A typical Ponzi scheme relies on new investments to pay returns to earlier investors (e.g., the Brazilian Braiscompany case with a fixed monthly return of 8%), while Bitcoin's volatility stems from market supply and demand and macro expectations, with no promised returns. Its high risk ≠ fraudulent structure.

3. **Transfer of Global Issues**: Emerging markets are more susceptible to crypto volatility shocks due to economic vulnerabilities (like high external debt and currency devaluation), but the root cause lies in their own financial system flaws, rather than a single U.S. plan.

### 💎 III. **Core Contradiction: The Symbiosis of Technological Freedom and Financial Hegemony**

The paradox of virtual currencies is that their original intention was to **decentralize and resist traditional finance**, but in practice, they have become a **new extension of the dollar system**. The U.S. completes a triple harvest by accepting crypto assets.

- **Capital Level**: Absorbing global liquidity and incorporating the crypto market into the dollar cycle through tools like ETFs;

- **Technological Level**: Leading standard setting in the name of compliance, marginalizing non-U.S. projects;

- **Narrative Level**: Transforming economic difficulties into 'innovation opportunities', inducing other countries to take over high-risk assets (like Trump coin).

### 🔚 Conclusion: **Systemic Risk, Not a Simple Scam**

The essence of the virtual currency market is the **projection of U.S. dollar hegemony in emerging fields**, where its volatility and information asymmetry amplify the harvesting efficiency of U.S. capital. However, global participants (including institutions) are bound by market rules, not solely manipulated by the U.S. Be wary of the real issues obscured by the 'harvesting narrative': **Emerging economies need to strengthen financial sovereignty, and investors should penetrate the 'decentralization' illusion to recognize the underlying risk logic** $BTC