Morgan Chase: Bitcoin ' s greatest risk is not Strategy ' s sale, but a block chain uses a public chain and a token

On 9 July, the Morgan Chase analyst team stated that the market regarded Strategy ' s Bitcoin sales plan as a key risk for the encrypted market, but that it was not the main structural threat to Bitcoin. The more fundamental risk lies in the fact that monetization, payment and settlement are increasingly taking place on a licensing infrastructure that does not require a public chain. If this trend continues, the entire encrypted ecology may face a “structural downgrading”, with a slowdown in transaction activity, a decline in liquidity and a weakening of capital inflows, and ultimately a drag on bitcoin. Analysts put it straight: In our view, the more important risk arises from the way in which block chains are used in traditional finance to continuously bypass public unauthorized networks. The analysts explained that, to date, the institution has adopted a clearly biased licensing chain, which poses a competitive threat to public chains such as the Taifaf because of its advantages in privacy, KYC/AML control, governance, throughput, legal accountability and regulatory certainty. If tokenized deposits are widely adopted, particularly in the non-transferable form favoured by regulators, they may weaken the demand for stable currency in institutional payments and settlements; the SWIFT block-link scheme and the CBDC projects, such as the digital euro and the digital renminbi, further strengthen the regulated alternatives. In a real world asset monetization market of about $50 billion, although it currently accounts for a certain share of the table, it is more likely to reflect early experiments rather than long-term market structures — with the introduction of institutions, the issuance, hosting, settlement and life-cycle management may be more accomplished in private or licensed infrastructure that meets identity, confidentiality and operational resilience requirements, and the public chain is used only for distribution and limited secondary transactions。