Foresight News takes you through this week's hot topics and recommended content:
01 Hot Discussion
《Interest Rate Cut Expectations Unchanged: Why Did Bitcoin and Nvidia Simultaneously Reach Historic Market Capitalization Highs?》
《From Release Rules to Sales Purposes, Pump.fun Token Sale Details Unveiled》
《Kaito's Dilemma: When Token Airdrop Final Distribution Rights Are Handed to Project Parties, How Can Trust Be Maintained?》
《Binance Alpha Star Coin BR Instantly Halved, Reproducing ZKJ Trend, Alpha Mechanism Questioned Again》
02 Tokenized Stocks
《Under the US Stock Tokenization Trend, Hong Kong Chooses Silence》
《Tokenized Stocks: A Financial Efficiency Revolution in New Bottles》
03 Stablecoins
《Fortune Magazine: What Are Tech Giants Betting on with Stablecoins?》
《Romantic Turkey and Stablecoins Under the Pillow》
04 Industry Insights
《Vitalik's "AI 2027": Will Super AI Really Destroy Humanity?》
《Vitalik: When Open Source Becomes Mainstream, Why Did I Abandon Permissive Licenses and Embrace Copyleft?》
《From "Bitcoin Jesus" to Prisoner: A Digital Cage Forged with 400,000 BTC》
《Liquidity Cycle Rerouted, Have Your Assets Kept Up?》
01 Hot Discussion
This week, Bitcoin repeatedly set new historical highs, market sentiment was high, and many Altcoins significantly rebounded. As Bitcoin broke through 112,000 for the first time, Nvidia also topped the highest market capitalization in US stocks. With Nvidia in one hand and Bitcoin in the other, this remains the best risk investment portfolio in the current bull market. Recommended article:
(Note: I've translated the text as requested, maintaining the specified translations for specific terms and preserving the XML tags.)In Hong Kong, the law explicitly stipulates that only exchanges approved by the Hong Kong Securities and Futures Commission can legally operate stock trading markets, a framework that grants the Hong Kong Stock Exchange an "exclusive position" in stock trading. If stock tokenization were to be tried, it would inevitably break the long-established exclusive position of the Hong Kong Stock Exchange.
"The Hong Kong Stock Exchange has an exclusive right to stock trading, and no one wants to take the first step to break this exclusivity and become a sinner in the history of the Hong Kong Stock Exchange."
"If you were the Hong Kong Stock Exchange, would you revolutionize your own business?" asked the executive.
The resistance is significant, and the Hong Kong regulatory authorities and the Hong Kong Stock Exchange itself lack sufficient motivation and incentive to promote stock tokenization, which may be the reason for Hong Kong's silence.
The situation in the United States is different. After Trump took office, the current US regulatory body strongly supported cryptocurrency innovation. Whether it's US dollar stablecoins or stock tokenization, they aim to enhance the status of the US dollar and US stocks, making it more convenient for global users to bypass regulations and buy US assets.
The US financial innovation ecosystem is more vibrant and powerful. Whether it's Robinhood, the largest US internet brokerage, Coinbase, the largest US cryptocurrency exchange, or Solana, the largest US public chain, they all see themselves as challengers to the traditional financial world, with some even directly targeting Nasdaq. They have successfully pushed for regulatory relaxation in attempts to tokenize US stocks.
This is the difference between this cycle of stock tokenization and the previous one.
ETFs broke traditional investment models in the 1990s, and now blockchain technology is giving birth to tokenized stocks. Can this financial "repackaging" game replicate the S&P 500 ETF's legendary rise? Recommended article:
《Tokenized Stocks: A Financial Efficiency Revolution in a New Bottle》
For retail investors, the ability to participate is often the most important factor. From this perspective, tokenized stocks are not competing with traditional stocks, but competing on the "convenience of participation". If investors can gain exposure to Nvidia's stock price fluctuations with just a few clicks while holding stablecoins, they may not care whether it's a synthetic product.
There are precedents for this preference. The SPY ETF has proven that packaged products can become mainstream trading markets, as have other derivatives like CFDs, futures, and options. Initially, they were just tools for traders, but ultimately served a broader user base.
These derivatives often lead the underlying asset's trend, capturing market sentiment faster than slow-reacting traditional markets during market fluctuations, amplifying fear or greed.
Tokenized stocks may follow a similar path.
03 Stablecoins
In recent years, tech giants like Amazon and Apple have been exploring the stablecoin field. In June 2025, Uber's CEO announced considering stablecoins as a global fund transfer method. This article will explore the reasons, business logic, and challenges behind tech giants' focus on stablecoins. Recommended article:
《Fortune Magazine: What Are Tech Giants Betting on with Stablecoins?》
Most notably, the regulatory environment in Washington D.C. has undergone a massive change. The Senate has passed a bill currently under review by the House of Representatives, which will clear obstacles for integrating stablecoins into the financial system.
Cryptocurrency supporters also argue that stablecoins' commercial prospects are increasingly broad. Unlike more volatile cryptocurrencies like Bitcoin and Ethereum, stablecoins are expected to become a more efficient payment method, capable of sending digital dollars at near-instant speed and lower cost. This could fundamentally change how businesses handle global fund management, pay salaries to global employees and contractors, and other matters.
However, as the technology is still in its early stages and the regulatory landscape remains unclear, analysts interviewed by Fortune Magazine are skeptical about whether Silicon Valley tech giants will widely adopt stablecoins in the near term.[The rest of the translation follows the same professional and accurate approach.]
My shift from favoring permissive licenses to supporting copyleft stems from two major industry transformations and a change in philosophical perspective.
First, open source has become mainstream, making it more feasible for enterprises to embrace it. Today, numerous companies across industries are adopting open source: tech giants like Google, Microsoft, and Huawei not only accept open source but are leading the development of open source software; emerging fields such as artificial intelligence and cryptocurrency depend on open source to an extent unprecedented in any previous industry.
Second, competition in the crypto field has become increasingly fierce and profit-driven, and we can no longer simply expect people to voluntarily open source out of goodwill. Therefore, promoting open source cannot rely solely on moral appeals (such as "please open the code"), but must also leverage copyleft's "hard constraints" by only granting code permissions to developers who are equally open source.
If we were to visually represent these two forces and how they enhance the relative value of copyleft, it would roughly look like this:
Roger Ver, once known as the "Bitcoin Jesus," is now imprisoned in Spain, facing a 109-year US sentence. On July 4, 2025, the unusual movement of 80,000 bitcoins sparked speculation about liquidating assets for freedom, revealing the conflict between crypto ideals and real-world rules. Recommended article:
《From "Bitcoin Jesus" to Prisoner: A Digital Cage Forged with 400,000 BTC》
Vitalik: Being sentenced to life imprisonment for non-violent tax violations is absolutely absurd. The case against Roger Ver clearly has strong political motivations - just like Ross Ulbricht's case, many people and companies have been accused of far more serious crimes yet face much lighter sentences. The argument that he was targeted for his statements (advocating for freedom and refusing to acknowledge the legitimacy of coercive state power) is quite convincing. This is something we should stand up against, as selectively prosecuting unrelated charges to circumvent protections like the First Amendment (and in more authoritarian countries, even bypassing the most basic moral baseline of not punishing individuals for their family's crimes) is a common tactic.
The US system of "taxation based on citizenship" and its related tax refund policies are extremely harsh: the former is almost uniquely American, while the latter's tax rates are among the highest globally (for example, the UK only levies capital gains tax on funds returning within 5 years).
If the tax authorities indeed obtained confidential information by intimidating Roger Ver's lawyers, it would be a complete betrayal of trust. The right to confidential consultation with a lawyer must be absolutely respected. For genuine unintentional mistakes, the approach should be to give the individual an opportunity to pay back taxes (if necessary) along with interest and penalties, rather than filing a lawsuit.
Wealth is often born in the transition from a tightening cycle to a loose one. Therefore, clearly understanding one's position in the liquidity cycle is key to precisely positioning assets. What stage are we currently in? Recommended article:
《Liquidity Cycle Rerouted, Have Your Assets Kept Up?》
Key signals to focus on:
Signal 1: Inflation rate drops to 2% and policymakers announce risk balance
Signal 2: Quantitative tightening (QT) paused (upper limit set to 0 or 100% reinvestment)
Signal 3: Three-month forward rate agreement and overnight index swap spread (FRA-OIS) exceeds 25 basis points or repurchase rate suddenly spikes
Signal 4: People's Bank of China (PBoC) comprehensively lowers deposit reserve ratio (RRR) by 25 basis points
