, the rewriter of sovereign income rights
The encrypted market is always looking for the 'root of the next cycle'.
At this node in 2025, Bitcoin (BTC) will stand again at $120,000, with narratives like RWA, AI, and CeDeFi emerging one after another. But behind the complex narratives, a deeper logic is quietly taking shape: the sovereign era of BTC financialization.
If the first stage of BTC was the rebellious symbol of 'decentralized currency';
Then the second stage of BTC is becoming a programmable sovereign income asset through CeDeFi mechanisms like BounceBit.
01｜From store of value to income: The 'sovereignization' evolution of BTC
Over the past decade, the main narrative of BTC has been 'digital gold'. It is an inflation-resistant hedge and a 'non-state alternative' in the monetary system. However, this also means it is in a 'passive state':
