People's voices are no longer raised for self-custody or cypherpunk-style Bitcoin discussions, but for political bigwigs and financial engineering.
Written by: Joakim Book
Translated by: AididiaoJP, Foresight News
In today's Bitcoin world, everything seems turned upside down; the market is filled with bullish voices, Bitcoin recently hit a new high, and those Bitcoin treasury companies scouring the world, yet the price of Bitcoin continues to decline. This dissonance reached its peak at the recently concluded Bitcoin Asia in Hong Kong.
Dressed in suits, Bitcoin players have become the new darlings of the financial market.
This has been the story for most of this year, culminating in a stunning climax during the price crash of Bitcoin at the 2025 Bitcoin Asia. Bitcoin, the most outspoken attack on the fiat currency system, is now diving headfirst back into traditional finance.
Cypherpunks have evolved into "suit coiners," ultimately finding their ultimate form as "stock coiners."
Rebellious teenagers have confessed their sins, and lost investors have returned, adorned with dazzling, greedy glory.
We, who once wholeheartedly aimed to build a brand new and better world, have transformed into a regulated, licensed securities cheerleading squad, cleverly leveraging and financially engineering these securities to maximize Bitcoin per share. Financial laws have been brutally pushed to the forefront, and even the staunchest believers in cryptography have abandoned most of their principles, as Wall Street is now willing to pay $2, $3, or $5 for a $1 Bitcoin.
And at Bitcoin Asia in Hong Kong, everything else is also turned upside down. People are not speaking out for self-custody or cypherpunk-style Bitcoin discussions, but for political bigwigs and financial engineering.
Alexandre Laizet, CEO of Europe's largest treasury company, stated on stage that balance sheets are turning into profit and loss statements. He was not just saying that treasury companies have now become banks, using their balance sheets as sources of profit; he meant that for Bitcoin treasury companies, the only thing that matters is the balance sheet itself. When you own Bitcoin corresponding to an infinitely printable stock per share, profits become irrelevant.
"As a rational participant in the market, you should do this."
About 200 companies, with Strategy and Metaplanet as the most outspoken representatives of this movement, are scouring the capital markets for cheap fiat currency to purchase Bitcoin. Records are being broken everywhere: in audience numbers, viewership, attendees, and sales. Anyone who has spent time in the Bitcoin world can feel this energy, this construction, this endless transportation and construction factory workshop. Understanding Bitcoin has never been easier, and we have never had so many Bitcoin believers.
However, the price continues to twist downward, falling from a high of $125,000 to the entry point of $118,204 purchased by Nakamoto for $679 million, dropping to around $111,000 during the conference, and then plummeting below $108,000, completely in sync with the bullish speakers on stage.
The drone show on Thursday, lighting up Hong Kong's night sky with stunning Bitcoin graphics, could not symbolize how everything has been turned upside down more than this. It showcased a powerful "21 divided by infinity" symbol, a direct inversion of Knut Svanholm's famous "everything divided by 21 million" claim:
All of us, over 20,000 attendees, urgently needed a rise in Bitcoin prices to restore confidence after watching bullish statements on the Nakamoto Stage being contradicted and undermined by the large price charts behind them.
On the Nakamoto Stage in Hong Kong, David Bailey sat confidently, full of celebration, applauding our tremendous efforts and successes as Bitcoin players, while the audience stared at the continuously plummeting Bitcoin price sponsored by SALT on the screen behind him, each downward tick erasing vast fortunes.
The bullish rhetoric on stage, the impressive and seemingly credible gospel conveyed by a dozen treasury companies present, and the harsh reality of falling prices could not be more discordant.
It was almost as if David Bailey and others were saying that the more they talked about and promoted their Bitcoin acquisition tools, the worse our market became, and the lower the prices fell.
Perhaps Mr. Bailey is just much bolder than I am, but if I had just burned about $60 million of investors' funds with no results to show, I would be much more humble and anxious, dejected and doubtful.
Prices are objectively real, and this is indeed not a tasty cake.
This is also symbolic; in Hong Kong, we witnessed financialized treasury companies gradually replacing cypherpunks.
We arrived at the latest stop of the Bitcoin festival tour, shocked to see how all once-sacred things have been desecrated: everything is turned upside down.
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