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Will Bitcoin become part of the US shadow monetary policy Play?
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If Bitcoin is heading towards a fate similar to gold being absorbed and controlled by the US dollar system, as the US's interest in holding Bitcoin increases, the market may enter a stage where Bitcoin becomes a shadow asset - the government officially recognizes the value of Bitcoin, but limits its direct impact on the existing system through policies and financial instruments.
Bitcoin is not a black box operation, and all transactions can be traced on the chain. The decentralized nature of Bitcoin makes it superior to gold in terms of transparency and auditability. As a native asset on the blockchain, all Bitcoin transactions are publicly auditable, and anyone can track the circulation of Bitcoin through on-chain data tools such as OKX Explorer.
The Bitcoin network is composed of decentralized independent nodes. Each node holds a complete transaction ledger and jointly verifies transactions. A single institution or country cannot tamper with or manipulate Bitcoin transaction data. Bitcoin does not need to rely on third-party institutions for audits. According to the on-chain data of OKX Explorer, the total holdings of whale wallets remain at 30% to 35%, that is, 6 million to 7 million BTC. This alone is higher than the current centralized exchange hot wallet Bitcoin storage and institutional custody and ETF ratios. The flow of funds in Bitcoin wallets mainly stored on the chain is completely public and globally queryable. The real-time efficiency is much higher than the gold reserve reports updated on a quarterly or annual basis in most countries, and there will be no situation like the United States lost 7 Fort Knox gold audit reports. Due to the lag in reserve reports, the market's response to these changes is often delayed.
The US strategy of revaluing gold and creating new dollars through this method, and then using these funds to buy Bitcoin is not only a shadow currency operation, but also exposes the fragility of the global financial system. Whether Bitcoin can truly become an independent, free, digital gold in this process, rather than just an appendage of the US financial system, we have not yet known. But from a technical perspective, both the real-time queryable transactions on the chain and the PoR of centralized institutions provide a new solution for the traditional financial system. The proposal to exchange gold for Bitcoin has opened up a profound dialogue about the future financial system.
One of the problems of the traditional financial system is the centralized management model of banks and financial institutions, which brings systemic risks. For example, during the 2008 financial crisis, the collapse of Lehman Brothers triggered a chain reaction, and the bankruptcy of Silicon Valley Bank (SVB) in 2023 once again made the market aware of the fragility of the banking system. When there is a liquidity panic in the market, banks may face a large-scale run, and the traditional financial system relies on government emergency bailouts and monetary policy intervention by the Federal Reserve to maintain stability.
