Senior Analyst Warns: Behind the ETF Frenzy, Bitcoin is Becoming a Speculative Tool of Traditional Finance

Senior macro analyst Jim Bianco recently made profound criticisms of Bitcoin's development trajectory, pointing out that Bitcoin is straying from its original intent.

In an interview, Bianco bluntly stated that Wall Street is using financial instruments like ETFs to transform BTC into a speculative asset, thereby deviating from its original purpose as a disruptive financial innovation tool.

This shift is primarily reflected in the correlation between Bitcoin and U.S. stocks, which has exceeded 0.85 in recent months, turning it completely into a "leveraged risk asset" and losing its functionality as a hedging tool.

Bitcoin is also experiencing assimilation by traditional financial institutions. Bianco pointed out that with the launch of BlackRock's ETF and companies like Strategy heavily investing in Bitcoin, it may superficially seem like a victory for cryptocurrency, but in reality, it has dragged #比特币 into a speculative cycle of "digital rise."

Current investors are only concerned with price trends, rather than how Bitcoin can improve the financial system, which was its original vision. This trend is making Bitcoin's original mission to combat currency abuse seem increasingly unattainable.

This deviation from intent is not limited to Bitcoin; the entire crypto ecosystem faces similar dilemmas. For example, while Ethereum has the potential to become a new type of financial infrastructure, it is deeply mired in regulatory games; and the development of stablecoins is mirroring the bubble period of 2021, trending towards centralization.

Moreover, projects like JPM Coin have essentially become "disguised central bank digital currencies"; and Solana, once filled with high hopes, has fallen from being an "institutional-grade blockchain" to a breeding ground for meme coins, currently hosting over ten million tokens lacking real value.

Bianco even sharply pointed out that Bitcoin extremists simultaneously claim that "everything will go to zero" while celebrating new price highs, this contradictory attitude reflects that cryptocurrencies are losing their intrinsic value.

In his view, influenced by political cycles, especially driven by macro factors such as expectations of interest rate cuts, Bitcoin is increasingly resembling traditional risk assets, which makes its original revolutionary significance as an alternative to the financial system being forgotten by the market.

In summary, as disruptive technology is gradually absorbed by the traditional financial system, will industry innovation ultimately become just another capital game? Time will tell.