Major asset management firm Vanguard's recent comments on Bitcoin have attracted attention—they called it a speculative digital toy. Is such a judgment really justified? Traditional financial institutions still seem to have not truly understood the essence of Bitcoin and the entire crypto asset ecosystem. From an institutional allocation perspective, this cognitive gap reflects not only differences in opinion but also divergent understandings of the market's future development direction. As more institutional investors enter the market and ETF products become widespread, can these past criticisms still hold water? History is always rewriting old prejudices.