“Player One” An In-Depth Analysis of the Global Virtual Currency Asset Harvesting Action Under American Technological Hegemony — — Reflections

The United States, leveraging its first-mover technological advantage, industrial agglomeration advantage, complete regulatory framework, and strong law enforcement capabilities, has built a three-in-one system of “technological advantage - regulatory binding - institutional execution,” using the virtual asset sector as a key focus. Through means such as cyber attacks, regulatory blockades, feigned generosity, directional harvesting, and long-distance fishing, it implements precise and large-scale digital plunder, severely infringing on the technological sovereignty, economic interests, and political security of countries worldwide.

This is the opening statement of the article, which illustrates with the cases of Chen Zhi and CZ that cryptocurrency is a weapon for the United States to harvest global capital.

The main text is long, so I won't elaborate extensively. The central idea is that the United States has formed a closed loop in the field of cryptocurrency, combining technological advantage, regulatory binding, and institutional execution, along with on-chain analysis, sanctions, and extraterritorial jurisdiction to integrate global virtual assets into the control radius of the U.S. dollar and American justice, thus achieving asset disposal, fiscal revenue increase, and strategic reserve accumulation.

My first reaction after reading it is that the “target audience” of this report may not be wrong, but the “approach” is somewhat extreme.

After all, the primary audience for this article should be the vast readership within China, which aligns very well with China's consistent portrayal of cryptocurrency as akin to “fraud.” It has merely been wrapped in a new guise—previously, cryptocurrency was a weapon for a minority of lawbreakers causing internal conflicts among the people, and now it has become a “harvesting tool maliciously unleashed by American imperialism.”

However, if we set aside emotions and only discuss structure, I actually feel that the most worthwhile aspect of this report is not its central thesis, but the reality within the cryptocurrency sector. The world of blockchain is not a lawless land; key nodes are highly centralized, and these central names are called compliance.

On the surface, the chain is decentralized, but the logical reality is very simple:

Users cannot deposit or withdraw funds without fiat channels.

Users cannot trade without exchanges.

Users cannot use stablecoins without issuers and custodians.

Users cannot ensure fund security without KYC and AML.

Users cannot conduct cross-border activities without sanctions and judicial cooperation.

From these perspectives, the compliance of cryptocurrencies in the U.S. is a necessity. The U.S. does not rely on the superpower of “remote currency takeover” but instead uses rules and management to limit or advance the compliance of cryptocurrencies, using politics and policy to establish the U.S. as the center of cryptocurrency and Bitcoin mining. When these aspects are stacked together, they indeed give the U.S. a stronger penetration capability in the cryptocurrency field.

I do not intend to make any evaluations of the article's central viewpoint, but what truly warrants caution is not whether the U.S. is harvesting, but that cryptocurrency is being incorporated into the toolbox of traditional states, especially the compliance and institutionalization of stablecoins, which will further bind cryptocurrency into the U.S. dollar system.

The trend of cryptocurrency may not just be a payment tool but more like an extension of the U.S. dollar system, expanding the settlement capability and asset demand of the dollar globally.

This, China originally had an opportunity. Of course, for both then and now, this is not an opportunity for China.

The U.S.'s strength in the encryption field is a real force of rules and infrastructure. It is a political action recognizing that cryptocurrency can assist U.S. dollar hegemony to continue as the leader in settlement. As for whether it is a weapon designed by the U.S. to harvest global capital, that is a matter of perspective.

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