Large asset management firm Vanguard recently sparked attention with their评价 of Bitcoin — they called it a speculative digital toy. Is such a judgment really reasonable? Traditional financial institutions still seem to have not truly understood the essence of Bitcoin and the entire crypto asset ecosystem. From the perspective of institutional allocation, this认知差距 not only reflects differences in观点 but also differences in understanding the future发展方向 of the market. As more and more institutional investors enter the market and ETF products become widespread, can these past criticisms still stand? History always不断改写旧有的偏见。