Author: Wang Lijie
“Financialists”: The Empire of Debt Stacking
First, let us get to know a certain force - the 'Financialists'. Who are they? They include the Federal Reserve, JPMorgan Chase, the historically rich banking families of Europe, and the complex derivatives market that supports them. It can be said that since the framework of a synthetic monetary system was secretly established in a small room in 1913, they have controlled the world for over a century.
Their core means of controlling the world is not through direct ownership of assets, but through the continuous cycle and accumulation of 'debts'.
Collateral
Yield
Price signal
Credit system
European dollars, swaps, futures, repos
These tools are interwoven like a dense net, tightly connecting the entire financial track and currency flow in their hands. They are like the 'behind-the-scenes assassins' of the financial world, building a vast financial empire with debt.
The 'sovereignists': Seeking a way out
In stark contrast to the 'financialists' is another emerging force—the 'sovereignists'. They include:
Countries attempting to break free from the constraints of dollar hegemony
Businesses tired of the inefficiency and exploitation of the banking system
And ordinary people like you and me, choosing to firmly control our wealth and pursue 'permissionless' assets
Although their motivations differ, their core demands converge: they all seek a way out from the old, blood-sucking financial system. And Bitcoin has become the first 'escape pod' they see.
The 'fuse' of Bitcoin and the qualitative change of MicroStrategy
Initially, it was not Bitcoin itself that ignited this war. Bitcoin is more like a fuse that shook people's cognition and showed another possibility of finance. However, what truly shook the old power structures was MicroStrategy. This company has demonstrated through actual action that Bitcoin can be used as collateral and deeply integrated into the capital markets, which undoubtedly marks a qualitative change in its position within the financial system.
This is not a simple fluctuation in price, but the true prologue of a financial war. It reveals that Bitcoin is no longer a marginalized digital currency, but a key collateral with the potential to impact the core of traditional finance.
To better understand this transformation, we must mention a product that sounds quite hardcore—STRC. STRC is not an ordinary bond, nor is it an ordinary new financial product; it is not even something that MicroStrategy created out of thin air.
STRC: A disruptive Bitcoin financial engine
STRC is the world's first regulatory-compliant financial engine backed by Bitcoin. What does this mean? It means that ordinary depositors can now openly purchase a product backed by Bitcoin that generates returns in their brokerage accounts. You do not need to open an account at a bank, nor do you need to engage in a complex shadow banking system. More strikingly, the current STRC yield can reach as high as 10.75%, while traditional bank savings interest typically ranges from 0.1% to 1%, creating a stark contrast.
However, what makes STRC most notable is not just its high yield, but the monetary feedback loop mechanism behind it—this is the fundamental reason that makes the 'financialists' uneasy.
Investors purchase STRC: Funds flow into MicroStrategy.
MicroStrategy uses this funding to buy real Bitcoin: thus tightening the market supply of Bitcoin.
Bitcoin prices rise: as supply decreases and demand increases.
The value of Bitcoin as collateral rises: the cost of borrowing for MicroStrategy decreases.
Low costs attract more investors to buy STRC: creating a virtuous cycle, the company needs to buy more Bitcoin.
This is a perfect self-reinforcing flywheel, a perpetuum mobile of increasing scarcity! This is the core that truly frightens traditional financial giants.
The traditional banking system cannot operate this mechanism. They cannot accept Bitcoin as collateral, cannot use Bitcoin for settlement, and cannot easily freeze it or 'print' Bitcoin out of thin air. In the past, they were able to control everything because they could infinitely create 'debt rights'; but now, Bitcoin is a physical asset, a hard currency.
This is the first time in human history that ordinary individuals can participate directly in the circulation of capital within the regulatory framework, bypassing the banking system. When this Pandora's box is opened, the first wave of attack quietly arrives.
JPMorgan's sniper move and the 'synthetic counterattack'
In July 2025, JPMorgan's 'Goldman Sachs' department suddenly announced that it would raise MicroStrategy's margin requirements from 50% to a staggering 95%. This means that if you want to purchase $100,000 worth of MSTR stock, you now need to put up $95,000 in cash, nearly blocking the possibility of leveraged trading.
This is not a usual market adjustment. It should be noted that JPMorgan has not taken similar actions against highly volatile stocks like Tesla, Nvidia, or Coinbase. MSTR has become the only target. Behind this, it is clearly not simple market competition, but rather a premeditated and coordinated suppression action.
Immediately following, the 'synthetic counterattack' also arrived. On November 25, 2025, JPMorgan submitted documents to the U.S. Securities and Exchange Commission to launch a leveraged Bitcoin structured note linked to BlackRock's IBIT ETF. This is a textbook demonstration of Wall Street's 'old trick'.
Wall Street does not control assets; they control the 'debt rights' to assets. They have never owned gold, yet they control synthetic gold; they have no silver, yet they can control synthetic silver; synthetic government bonds, synthetic credit. So, they naturally also want to create 'synthetic Bitcoin' in this soil of Bitcoin.
The repetition of history: The uncopyable 'currency physics'
Looking back at history, whether it was the transition of the United States from agricultural finance to industrial finance in the early 20th century, or various models of power concentration and narrative control over the past century, we find astonishing similarities. Whenever the old system is threatened, the response is always to concentrate power, control narratives, and suppress everything that does not conform to the new standards.
However, this time the script can no longer be played out in the same way. Because the real war has long transcended the realm of Bitcoin versus the dollar, or even Bitcoin versus Wall Street. It concerns the competition for the 'tracks'—those systems that bring value into Bitcoin and create credit from Bitcoin. Whoever controls these tracks controls the future monetary system.
Through its STRC product, MicroStrategy has revealed a secret that Wall Street does not want the world to know: Bitcoin can be used as flawless collateral operating in the capital markets!
Once this fact comes to light, the model of the 'financialists' begins to crumble. For more than a hundred years, their power has been rooted in the ability to multiply collateral: gold can establish a 100:1 paper debt system, the dollar can be infinitely multiplied through a fractional reserve system, and government bonds are repeatedly collateralized in the banking system. However, Bitcoin breaks all these advantages. You can create synthetic Bitcoin exposure, but you cannot create synthetic Bitcoin collateral!
Wall Street's demand: Yielding and competing
Wall Street's own actions are the best proof. BlackRock launched the fastest-growing ETF ever, and its underlying asset is not bonds, stocks, or gold, but Bitcoin! Fidelity and Franklin Templeton also followed suit. Even JPMorgan, which once raised MicroStrategy's margin requirements specifically targeting Bitcoin-related companies, is now competing to launch structured notes linked to Bitcoin. This inevitably raises the question: 'Why?'
The answer is simple: they deeply understand what Bitcoin is becoming—a new collateral layer that will absorb more liquidity than any other asset in the financial system.
This is not out of fear, but a profound market demand from the world's largest financial institutions. What they do not want us to understand is that in every Wall Street product they launch, whether it's an ETF, a structured note, or a synthetic tool, they control the tracks, extract fees, manage convexity, and extract upward profits. You may have gained some exposure, but they hold the majority of the economic benefits.
Your choice: Own real assets
However, you do not need to purchase these synthetic versions at all. You do not need to rely on banks, do not need those structured notes, third-party custodians, or derivatives trading desks. You can directly own Bitcoin—this real asset, this scarce collateral—this is precisely what Wall Street is eager to package, repurpose, and attempt to strip away from you! This is the true return.
The 'financialists' are not fighting against Bitcoin because it poses a threat; they are fighting to get a piece of the pie because they realize that Bitcoin is the cornerstone of the next system. They try to control the tracks because they know where liquidity will flow. But you do not need their tracks. Bitcoin has already provided you with its own track.
Those who can understand this early and prepare before this transition becomes obvious will become the true winners in this era change. The choice is now in your hands.
Recommended Reading:
Why did Asia's largest Bitcoin treasury company Metaplanet not bottom-fish?
Multicoin Capital: The era of Fintech 4.0 has arrived
a16z-backed Web3 unicorn company Farcaster was forced to transform; is Web3 social a false proposition?
