{"id":15586,"date":"2025-08-31T22:45:39","date_gmt":"2025-08-31T20:45:39","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=15586"},"modified":"2025-08-31T22:45:39","modified_gmt":"2025-08-31T20:45:39","slug":"bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/","title":{"rendered":"Bitcoin Asia: A Tumultuous Journey Through the Cryptocurrency Landscape"},"content":{"rendered":"

<\/p>\n

\n

The suits have arrived, and Bitcoin enthusiasts are the latest sensation in financial markets.<\/p>\n

This has been the narrative for the majority of this year, culminating dramatically in the bitcoin price drop during Bitcoin Asia 2025. Bitcoin, the loudest expression of discontent with the regulated fiat monetary system, is now diving headlong back into conventional finance.<\/p>\n

Cypherpunks have transformed into suitcoiners, achieving their ultimate representation as stonkcoiners.<\/p>\n

The rebellious youth have acknowledged their transgressions. The wayward son has returned \u2014 in dazzling, avaricious splendor.<\/p>\n

We, the geeky outsiders who were once determined to create a new and enhanced world, have morphed into supporters of regulated, permissioned securities \u2014 meticulously leveraged and financially engineered for optimal bitcoin-per-share. The principles of financial gravity have been unceremoniously set aside; even the resolute rebellious hacker has surrendered most of their beliefs now that Wall Street is offering $2, $3, or $5 for a dollar of bitcoin.<\/a><\/p>\n

And at Bitcoin Asia in Hong Kong, everything else was turned on its head as well. The crowd gathered, not for the self-custody or cypherpunk-themed Bitcoin discussions, but for the political luminaries<\/a> and financial strategists. (The term \u201csycophants\u201d springs to mind.) <\/em><\/p>\n

The balance sheet is becoming the P&L, remarked Alexandre Laizet, CEO of Europe’s largest treasury firm on stage<\/a>. He wasn’t merely stating that treasury firms are now banks<\/a>, utilizing<\/em> their balance sheets to generate profits; he implied that the only aspect that holds significance<\/em> for bitcoin treasury firms is the balance sheet itself. Profits become irrelevant when you possess bitcoin-per-infinitely printable share.<\/p>\n

\n

\u201cThis is what you ought to do as a rational participant in the market.\u201d<\/p>\n<\/blockquote>\n

Approximately 200 firms, with Strategy and Metaplanet (the primary sponsor for Bitcoin Asia<\/a>) as the most prominent advocates for this movement, are siphoning capital markets for inexpensive fiat to plunge into bitcoin. Everybody is breaking records everywhere \u2014 in audiences and viewers, in attendees and sales. Anyone who has traversed Bitcoinland senses the energy, the construction, the perpetual assembly line of shipping and building. It has never been easier to comprehend Bitcoin and we\u2019ve never had such a crowd here\u2026<\/p>\n

\u2026yet the price continues to wander down from the hyped $125,000 to the $118,204 entry point for Nakamoto\u2019s 679-million-dollar acquisition<\/a> to about $111,000 around the conference time, before plunging<\/a> to a low of under $108,000<\/a> \u2014 directly correlating with the optimistic speakers on stage.<\/p>\n

The drone display on Thursday, illuminating the Hong Kong night with stunning Bitcoin imagery in the sky, couldn\u2019t have been more representative of how everything is inverted. Showcasing a powerful 21-divided-by-infinity symbol that made absolutely no sense, it was a directly reversed interpretation of Knut Svanholm<\/a>\u2019s renowned everything-divided-by-21-million <\/em>assertion<\/a>: <\/p>\n

\n

All 20,000-odd of us present are in dire need of bitcoin price therapy<\/a> after several days of observing optimistic declarations on the Nakamoto Stage being disproven and undermined by the sizable price chart displayed behind them.<\/p>\n

From the Nakamoto Stage in Hong Kong, David Bailey sat assuredly and celebratory, applauding our tremendous efforts and achievements as Bitcoiners \u2014 while the audience gazed at the large, SALT-sponsored bitcoin price on the screen behind him perpetually declining, erasing an absurd amount of wealth with each downward tick. <\/p>\n

\n

The dissonance couldn\u2019t have been more pronounced between the optimistic statements made on stage, the impressive and plausible-sounding gospel from the numerous treasury firms present, and the stark reality of a continually decreasing price.<\/p>\n<\/blockquote>\n

It seems that the more David Bailey and his associates promote and hype their bitcoin-acquisition vehicle stocks, the worse our market deteriorates and the lower the price sinks.<\/p>\n

Perhaps Mr. Bailey just possesses much larger cojones<\/em> than I do, or a reckless YOLO attitude that exceeds anything humanity has ever witnessed, but had I <\/em>just squandered around $60 million of investor capital with nothing<\/em> to exhibit for it, I\u2019d be more modest and anxious, downtrodden and doubtful.<\/p>\n

Results are in the outcomes, and they aren\u2019t quite appealing.<\/p>\n

It\u2019s also symbolic that here in Hong Kong<\/a>, 2025 is the year of the snake \u2014 and we witness the cypherpunks\u2019 crowning achievement slithering its way across financialized treasury firms, consuming their own tails in the process.<\/p>\n

We\u2019re out here on the latest leg of the Bitcoin festival journey, astonished to observe how all that was once revered has been desecrated: Everything is upside down.<\/p>\n

This is Joakim Book, reporting from a realm that no longer aligns.<\/p>\n<\/div>\n


\n
Source link<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The suits have arrived, and Bitcoin enthusiasts are the latest sensation in financial markets. This has been the narrative for the majority of this year, culminating dramatically in the bitcoin price drop during Bitcoin Asia 2025. Bitcoin, the loudest expression of discontent with the regulated fiat monetary system, is now diving headlong back into conventional<\/p>\n","protected":false},"author":3,"featured_media":15587,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[3475],"class_list":["post-15586","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-at-bitcoin-asia-everything-was-upside-down-gpt"],"yoast_head":"\nBitcoin Asia: A Tumultuous Journey Through the Cryptocurrency Landscape - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Asia: A Tumultuous Journey Through the Cryptocurrency Landscape - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"The suits have arrived, and Bitcoin enthusiasts are the latest sensation in financial markets. This has been the narrative for the majority of this year, culminating dramatically in the bitcoin price drop during Bitcoin Asia 2025. Bitcoin, the loudest expression of discontent with the regulated fiat monetary system, is now diving headlong back into conventional\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/\" \/>\n<meta property=\"og:site_name\" content=\"WSJ-Crypto\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-31T20:45:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/08\/Bitcoin-Asia-bitcoi._imresizer.webp.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"wsjcrypto\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Scritto da\" \/>\n\t<meta name=\"twitter:data1\" content=\"wsjcrypto\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tempo di lettura stimato\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minuti\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/\",\"url\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/\",\"name\":\"Bitcoin Asia: A Tumultuous Journey Through the Cryptocurrency Landscape - WSJ-Crypto\",\"isPartOf\":{\"@id\":\"https:\/\/wsj-crypto.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/08\/Bitcoin-Asia-bitcoi._imresizer.webp.webp\",\"datePublished\":\"2025-08-31T20:45:39+00:00\",\"author\":{\"@id\":\"https:\/\/wsj-crypto.com\/#\/schema\/person\/88a93723b30416db1a352d5a0096c4a7\"},\"breadcrumb\":{\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/#breadcrumb\"},\"inLanguage\":\"it-IT\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"it-IT\",\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/#primaryimage\",\"url\":\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/08\/Bitcoin-Asia-bitcoi._imresizer.webp.webp\",\"contentUrl\":\"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/08\/Bitcoin-Asia-bitcoi._imresizer.webp.webp\",\"width\":1200,\"height\":628,\"caption\":\"At Bitcoin Asia Everything Was Upside Down\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/wsj-crypto.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin Asia: A Tumultuous Journey Through the Cryptocurrency Landscape\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wsj-crypto.com\/#website\",\"url\":\"https:\/\/wsj-crypto.com\/\",\"name\":\"WSJ-Crypto\",\"description\":\"Just Another Crypto News Website\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/wsj-crypto.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"it-IT\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/wsj-crypto.com\/#\/schema\/person\/88a93723b30416db1a352d5a0096c4a7\",\"name\":\"wsjcrypto\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"it-IT\",\"@id\":\"https:\/\/wsj-crypto.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/86fe8af82ea089646d6639ca2f87e0243d8688d957bd8e3ec22ec3c457cc16d4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/86fe8af82ea089646d6639ca2f87e0243d8688d957bd8e3ec22ec3c457cc16d4?s=96&d=mm&r=g\",\"caption\":\"wsjcrypto\"},\"url\":\"https:\/\/wsj-crypto.com\/index.php\/author\/wsjcrypto\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bitcoin Asia: A Tumultuous Journey Through the Cryptocurrency Landscape - WSJ-Crypto","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/","og_locale":"it_IT","og_type":"article","og_title":"Bitcoin Asia: A Tumultuous Journey Through the Cryptocurrency Landscape - WSJ-Crypto","og_description":"The suits have arrived, and Bitcoin enthusiasts are the latest sensation in financial markets. This has been the narrative for the majority of this year, culminating dramatically in the bitcoin price drop during Bitcoin Asia 2025. Bitcoin, the loudest expression of discontent with the regulated fiat monetary system, is now diving headlong back into conventional","og_url":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/","og_site_name":"WSJ-Crypto","article_published_time":"2025-08-31T20:45:39+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/08\/Bitcoin-Asia-bitcoi._imresizer.webp.webp","type":"image\/webp"}],"author":"wsjcrypto","twitter_card":"summary_large_image","twitter_misc":{"Scritto da":"wsjcrypto","Tempo di lettura stimato":"4 minuti"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/","url":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/","name":"Bitcoin Asia: A Tumultuous Journey Through the Cryptocurrency Landscape - WSJ-Crypto","isPartOf":{"@id":"https:\/\/wsj-crypto.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/#primaryimage"},"image":{"@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/#primaryimage"},"thumbnailUrl":"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/08\/Bitcoin-Asia-bitcoi._imresizer.webp.webp","datePublished":"2025-08-31T20:45:39+00:00","author":{"@id":"https:\/\/wsj-crypto.com\/#\/schema\/person\/88a93723b30416db1a352d5a0096c4a7"},"breadcrumb":{"@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/#breadcrumb"},"inLanguage":"it-IT","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/"]}]},{"@type":"ImageObject","inLanguage":"it-IT","@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/#primaryimage","url":"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/08\/Bitcoin-Asia-bitcoi._imresizer.webp.webp","contentUrl":"https:\/\/wsj-crypto.com\/wp-content\/uploads\/2025\/08\/Bitcoin-Asia-bitcoi._imresizer.webp.webp","width":1200,"height":628,"caption":"At Bitcoin Asia Everything Was Upside Down"},{"@type":"BreadcrumbList","@id":"https:\/\/wsj-crypto.com\/index.php\/2025\/08\/31\/bitcoin-asia-a-tumultuous-journey-through-the-cryptocurrency-landscape\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wsj-crypto.com\/"},{"@type":"ListItem","position":2,"name":"Bitcoin Asia: A Tumultuous Journey Through the Cryptocurrency Landscape"}]},{"@type":"WebSite","@id":"https:\/\/wsj-crypto.com\/#website","url":"https:\/\/wsj-crypto.com\/","name":"WSJ-Crypto","description":"Just Another Crypto News Website","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wsj-crypto.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"it-IT"},{"@type":"Person","@id":"https:\/\/wsj-crypto.com\/#\/schema\/person\/88a93723b30416db1a352d5a0096c4a7","name":"wsjcrypto","image":{"@type":"ImageObject","inLanguage":"it-IT","@id":"https:\/\/wsj-crypto.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/86fe8af82ea089646d6639ca2f87e0243d8688d957bd8e3ec22ec3c457cc16d4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/86fe8af82ea089646d6639ca2f87e0243d8688d957bd8e3ec22ec3c457cc16d4?s=96&d=mm&r=g","caption":"wsjcrypto"},"url":"https:\/\/wsj-crypto.com\/index.php\/author\/wsjcrypto\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/posts\/15586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/comments?post=15586"}],"version-history":[{"count":2,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/posts\/15586\/revisions"}],"predecessor-version":[{"id":15589,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/posts\/15586\/revisions\/15589"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/media\/15587"}],"wp:attachment":[{"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/media?parent=15586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/categories?post=15586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wsj-crypto.com\/index.php\/wp-json\/wp\/v2\/tags?post=15586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}