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On August 25, according to Poloniex market data, Bitcoin has risen to surpass $81,000, currently priced at $81,012, with a 24-hour increase of 4.51%.

On August 25, according to Poloniex market data, Bitcoin has surged past $81,000, currently priced at $81,012, with a 24-hour increase of 4.51%.

On August 25, Michael Saylor, founder of Strategy, stated that Bitcoin is transitioning from its early phase as a 'peer-to-peer electronic cash' experiment to a global digital capital infrastructure. As Bitcoin is widely adopted by individuals, funds, publicly traded companies, banks, custodians, trading platforms, and governments, some of the early Bitcoin culture has evolved from a risk defense mechanism into a form of 'orthodoxy.' This includes viewing self-custody as the only legitimate way to hold Bitcoin and considering ETFs, bonds, preferred stocks, derivatives, and other Bitcoin-related financial products as 'paper Bitcoin.' These views played a significant role in the early development of Bitcoin but are now insufficient to explain its expanding economic ecosystem. The more important future role of Bitcoin may not be to replace fiat currency as a daily payment tool, but rather to become a scarce, globally liquid, programmable 'digital capital' that does not rely on an issuer. Fiat currency will continue to play a core role in taxes, wages, contracts, and everyday business, while Bitcoin can form a new layered financial system with banks, securities, credit, insurance, and corporations. Self-custody should be viewed as a right rather than an obligation, with professional custody, multi-signature, institutional custody, and trading platform products serving different users based on their risk tolerance and actual needs. The real caution should not be against all counterparties, but rather against those lacking transparency, isolation mechanisms, governance capabilities, and risk control; 'do not trust any institution' should shift to risk assessment of different institutions. The next phase of the Bitcoin ecosystem will be the expansion of the 'digital capital market,' rather than a return to a closed pure Bitcoin economy. With the continuous development of spot Bitcoin ETFs, publicly traded company Bitcoin reserves, bonds, preferred stocks, and other financial products, Bitcoin is becoming a new underlying asset that connects stocks, debt, credit, currency, derivatives, and even the machine economy. This trend can be termed 'Bitcoin Reformation,' with core principles including 'protocol minimalism, economic maximization,' 'replacing founder worship with first principles,' 'self-custody as a right rather than a ritual,' 'judging security by evidence rather than brand,' 'counterparty assessment replacing counterparty nihilism,' and allowing fiat and Bitcoin to coexist long-term. Bitcoin is not abandoning its early core principles but is shedding its cultural limitations: it is transitioning from electronic cash to digital gold and further becoming a digital capital network encompassing capital, credit, equity, debt, currency, and the machine economy.