Foreign media commentary suggests that in recent years, Bitcoin has been re-discussed within the framework of "currency." The core conclusion of the article is that it is no longer merely viewed as a highly volatile asset; it also begins to serve the roles of a trading tool, a liquidity indicator, and a store of value.
US regulators expected to enhance tradability
The article states that if the regulatory environment in the United States continues to relax, the scope of use for Bitcoin as a medium of exchange may expand. It is mentioned that the Clarity Act bill, which has already been passed by the House of Representatives, is expected to go to the Senate for voting in September. If the bill progresses, the barriers for institutions to participate are expected to further decrease.
The author also mentioned that if more trading platforms are able to enter the US domestic market, investors will find it easier to adjust their exposure to crypto assets through tools such as perpetual contracts. At the same time, since 2024, Bitcoin ETP has continued to expand, which has also lowered the barriers for retail investors to hold and operate in this asset class.
The article claims that Bitcoin is more akin to a liquidity indicator.
In terms of the traditional monetary function of "unit of account," the article does not suggest that Bitcoin will directly price goods and services in the same way that the US dollar does. Instead, it describes Bitcoin as a thermometer for global financial liquidity. A loose monetary environment tends to boost both stocks and Bitcoin, while fiscal expansion, inflationary pressures, and supply chain disruptions may simultaneously drive up the prices of gold, long-term US Treasury yields, and Bitcoin.
The article argues that there is a strong correlation between Bitcoin and the steepening of the yield curve. The logic behind this is that, against the backdrop of inflation consistently exceeding the Federal Reserve's targets and high fiscal pressures, long-term interest rates cannot necessarily be suppressed solely by monetary policy. This will continue to support the market demand for alternative assets.
Fixed supply remains the core support.
In terms of the value storage function, the article continues to emphasize Bitcoin's maximum supply limit of 21 million coins. As of 2026, approximately 20 million coins have already been mined. The author believes that this fixed supply structure makes it more likely to be regarded as a hedging tool when central banks expand their balance sheets, fiscal deficits increase, and the purchasing power of the US dollar is under pressure.
The article also links this judgment to the United States' "dual deficits," meaning that both the current account and the fiscal budget are under pressure simultaneously. The author states that the AI investment boom once supported the attractiveness of dollar assets, but if market confidence in the U.S. fiscal, trade, and institutional environment weakens, discussions about a long-term weakening of the dollar may intensify, and Bitcoin and gold could benefit as a result.
Risks still remain concentrated in the internet and regulatory aspects.
However, this comment does not avoid discussing the risks. The article cites industry insiders' views that as block rewards gradually decrease, whether the Bitcoin network will be able to sustain incentives for validators and miners in the future through transaction fees remains a long-term issue.
Another risk is the further concentration of holdings and custody. The article argues that if an increasing amount of Bitcoin is held by institutions, it may affect the active verification and mining incentives of the underlying network, thereby weakening the resilience of the system. There is also uncertainty regarding regulatory direction. The author mentions that if sovereign debt pressures continue to rise, U.S. policy may lean more towards stablecoins supported by U.S. Treasury bonds, rather than encouraging Bitcoin to become a substitute for fiat currency.
Overall, the conclusion of this article is that the long-term bullish perspective on Bitcoin is expanding from a focus on price trends to three aspects: regulation, liquidity, and monetary credibility. However, this is still contingent on continued clear regulatory frameworks, ongoing expansion of institutional channels, and further weakening confidence in US dollar assets.
