DeFiXDAO

Is this Bitcoin? Is it a bond? Or a form of financial role-playing?

You can invest in Bitcoin, but you can't really own it.

In a typical 'Russian operation', the Central Bank of Russia announced: banks can offer crypto-linked products to qualified investors, but on the condition that — no actual delivery of the cryptocurrency itself is allowed.

Yes, you heard it right. You can buy 'assets linked to Bitcoin', but you'll never touch a real #satoshi.

"How about some Bitcoin with your meal?" The first to respond was the renamed Tinkoff Bank (now called T-Bank, which sounds like a villain organization from 007), which launched a 'smart asset' investment product on May 29 — a tool for buying Bitcoin linked to the ruble, without needing a wallet, exchange account, or understanding on-chain operations, directly completed in a mobile app.

Ironically, as the Federal Reserve continuously raises money issuance, U.S. debt piles up like a snowball, and central banks cut interest rates to 'stabilize the situation,' some in the crypto space are waving the Bitcoin flag, confidently declaring that 'digital gold' is coming to save the financial world. This scene resembles an absurd play in finance: while the traditional economic system is on the brink, a seemingly unrelated new hero emerges. The same script is playing out around the world: when the debt crisis looms, some shout for the fantasy of blockchain utopia; when the global trade pattern is reshaped, digital currencies are used as new chips. Is this a coincidence of two extremes, or a profound financial irony? International authoritative institutions point out that the 'democratic finance' seen by supporters and the 'invisible scythe' perceived by critics are mutually reinforcing. The Bitcoin community sees it as the savior against inflation and a hope for decentralization, while skeptics depict it as a breeding ground for crime, a gambling platform for quick wealth, and a hotbed for the re-concentration of power. In this fierce debate, we can't help but ask: can digital currencies truly fill the gaps in traditional finance and subvert the old order, or is it just a new form of capital game? This article will reveal the truths and contradictions behind this seemingly sci-fi economic struggle through case studies, data, and policy-level analyses.

In May 2025, traditional financial giant Fidelity announced big news: it will launch a new fund called the 'RWA Infrastructure Fund', specifically targeting 'real-world assets' (Real-World Assets, RWA) on the blockchain.

This fund is large in scale, targeting $500 million, and is expected to officially open for subscriptions in the third quarter of this year.

What does this mean? It means that it is no longer 'a certain DAO is issuing bonds', but rather that real Wall Street institutions are beginning to bring real assets onto the chain, making investments transparent and traceable, and allowing for one-click settlement.