The changing identity of Bitcoin over the past few years is quite interesting. From initially being hailed as "digital gold" to now gradually being positioned as a "structural reserve tool," what does this transformation really signify?

One view is that this indicates Bitcoin has been gradually tamed by the traditional financial system—from a symbol of radical resistance to a tool for old-school asset allocation. Another perspective is that Bitcoin has found its true place. It no longer needs the "digital gold" metaphor to prove itself; instead, by being adopted by institutions and written into balance sheets, it demonstrates its practical value.

To put it simply, this isn't about domestication versus independence, but rather an inevitable process of Bitcoin moving from the market periphery into the core of the financial system. It has become more standardized, but also more confident. Traditional finance is redefining Bitcoin’s role, while Bitcoin is rewriting its position in the global asset landscape. The collision of these two forces is what makes this so fascinating.