Author: Wang Lijie
"Financialists": An Empire Built on Stacked Debts
First, let's get to know one force—the "financialists." Who are they? They include the Federal Reserve, JPMorgan Chase, the long-established European banking families, and the complex derivatives markets they support. It's fair to say they've controlled the world for over a century since secretly laying the framework for a synthetic currency system in a small room in 1913.
Their core means of controlling the world is not by directly owning assets, but by the continuous circulation and accumulation of "debt".
Collateral Yield Price signals Credit system Eurodollars, swaps , futures, repurchase agreements
These tools, layered upon each other like interconnected Arhats, firmly hold the entire financial system and monetary flows in their grasp. They are the "behind-the-scenes killers" of the financial world, building a vast financial empire with debt.
"Sovereignists": Seeking a way out
In stark contrast to the "financialists" is another emerging force—the "sovereignists." They include:
Countries trying to break free from the constraints of the dollar hegemony Enterprises tired of the inefficiency and layers of exploitation in the banking system And ordinary people like you and me, who choose to keep their wealth firmly in their own hands and pursue "permissionless" assets.
Despite their differing motivations, their core desires converge: to find a way out of the old, ever-bleeding financial system. Bitcoin became the first "escape pod" they saw.
The "trigger" for Bitcoin and the qualitative change at MicroStrategy
Initially, it wasn't Bitcoin itself that ignited this war. Bitcoin was more like a fuse, shaking people's perceptions and showcasing another possibility for finance. However, what truly shook the power structure of the old world was MicroStrategy. This company demonstrated through its actions that Bitcoin could be used as collateral and deeply integrated into the capital market, which undoubtedly represented a qualitative change in its position within the financial system.
This is not a simple price fluctuation, but the true prelude to a financial war. It reveals that Bitcoin is no longer a marginalized digital currency, but a key collateral with the potential to impact the core of traditional finance.
To better understand this transformation, we must mention a product that sounds quite hardcore—STRC. STRC is not an ordinary bond, nor is it a typical new financial product; it wasn't even created out of thin air by MicroStrategy.
STRC: A Disruptive Engine for Bitcoin Finance
STRC is the world's first regulatory-compliant Bitcoin-backed financial engine. What does this mean? It means that ordinary depositors can now legitimately purchase a Bitcoin-backed, yield-generating product through their own brokerage accounts. You don't need a bank account or to navigate the complex shadow banking system. Even more remarkably, current STRC yields can reach as high as 10.75%, a stark contrast to traditional bank savings interest rates which typically range from 0.1% to 1%.
However, what makes STRC most remarkable is not just its high returns, but the monetary feedback loop mechanism behind it—which is the fundamental reason why "financialists" are uneasy.
Investors buy STRC: Funds flow into MicroStrategy. MicroStrategy used the funds to buy real Bitcoin: the supply of Bitcoin in the market thus tightened. Bitcoin price rises as supply decreases and demand increases. As a result, the value of Bitcoin as collateral increases: the cost of borrowing at MicroStrategy decreases. Low cost attracts more investors to buy STRC: creating a virtuous cycle, the company needs to buy more Bitcoin.
This is a perfect self-reinforcing flywheel, a perpetual motion machine whose scarcity is constantly increasing! This is precisely the core of what truly terrifies traditional financial giants.
Traditional banking systems cannot function under this mechanism. They cannot accept Bitcoin as collateral, cannot use Bitcoin for settlement, cannot "print" Bitcoin out of thin air, and cannot easily freeze it. In the past, they were able to control everything because they could create an unlimited amount of "debt"; now, Bitcoin is a physical commodity, a form of hard currency.
This marks the first time in human history that ordinary individuals have been able to bypass the banking system and directly participate in the circulation of capital within a regulatory framework. When this Pandora's box was opened, the first wave of attacks quietly began.
JPMorgan Chase's sniping and "synthetic counterattack"
In July 2025, JPMorgan Chase's "Gold Brokerage" division suddenly announced that it would drastically increase the margin requirement for MicroStrategy from 50% to 95%. This means that if you want to buy $100,000 worth of MSTR stock, you now need to put up $95,000 in cash, virtually eliminating the possibility of leveraged trading.
This is no ordinary market correction. It's worth noting that JPMorgan Chase hasn't taken similar action against highly volatile stocks like Tesla, Nvidia, or Coinbase . MSTR has become the sole target. This clearly isn't simple market competition, but rather a premeditated and coordinated suppression operation.
Following closely behind was a "synthetic counterattack." On November 25, 2025, JPMorgan Chase filed documents with the U.S. Securities and Exchange Commission, launching a leveraged Bitcoin structured note linked to the BlackRock IBIT ETF. This was a textbook demonstration of Wall Street's "old tricks."
Wall Street doesn't control assets; they control the "claims" on those assets. They've never owned gold, yet they control synthetic gold; they don't own silver, yet they control synthetic silver; they control synthetic government bonds and synthetic credit. So, naturally, they now want to create "synthetic Bitcoin" on the same fertile ground as Bitcoin.
History repeats itself: The unrepeatable "physicals of money"
Looking back at history, whether it's the early 20th-century transformation of the United States from agricultural finance to industrial finance, or the various patterns of power concentration and narrative control over the past century, we find striking similarities. Whenever the old system is threatened, the response is always to concentrate power, control the narrative, and suppress anything that doesn't conform to the new standards.
However, the old script cannot be repeated this time. The real battle has long transcended the conflict between Bitcoin and the US dollar, or even Bitcoin and Wall Street. It's a struggle for the "orbits"—the systems that channel value into Bitcoin and create credit from it. Whoever controls these orbits controls the future monetary system.
MicroStrategy, through its STRC product, has revealed a secret that Wall Street doesn't want the world to know: Bitcoin can be used as flawless collateral in the capital markets!
Once this fact surfaced, the "financialists'" model began to crumble. For over a century, their power was rooted in their ability to multiply collateral: gold could be used to create a 100:1 paper debt system, the dollar could be multiplied infinitely through fractional-reserve banking, and government bonds were repeatedly pledged against the banking system. However, Bitcoin shattered all these advantages. You can create synthetic Bitcoin exposure, but you cannot create synthetic Bitcoin collateral!
Wall Street's Demands: Compromise and Struggle
Wall Street's own actions are the best proof. BlackRock launched the fastest-growing ETF in history, and its underlying asset isn't bonds, stocks, or gold, but Bitcoin! Fidelity and Franklin Templeton followed suit. Even JPMorgan Chase, which once raised margin requirements for MicroStrategy specifically targeting Bitcoin-related companies, is now racing to launch Bitcoin-linked structured notes. This inevitably raises the question: "Why?"
The answer is simple: they know exactly what Bitcoin is becoming—a new collateral layer that will absorb more liquidity than any other asset in the financial system.
This isn't out of fear, but a profound market demand from the world's largest financial institutions. What they don't want us to understand is that in every Wall Street product they launch—whether it's an ETF, structured notes, or synthetic instrument—they control the trajectory, extract fees, manage convexity, and squeeze out upside profits. You may gain some exposure, but they reap the lion's share of the economic benefits.
Your choice: Own real assets
However, you don't need to buy these synthetic versions at all. You don't need bank intermediaries, structured notes, third-party custodians, or derivatives trading desks. You can directly own Bitcoin—this real asset, this scarce collateral—which is exactly what Wall Street is scrambling to package, repackage, and try to extract from you! That's the real return.
The "financialists" aren't fighting Bitcoin because it poses a threat; they're fighting to get a piece of the pie, because they see it as the cornerstone of the next system. They're trying to control the trajectory because they know where the liquidity will flow. But you don't need their trajectory. Bitcoin has already provided its own.
Those who grasp this early on and prepare for this transformation before it becomes obvious will be the true winners in this era of change. The choice is now in your hands.
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