As news of JPMorgan being fined $9.2 billion floods the headlines, my reaction is straightforward—this is just the tip of the iceberg.

As an observer of the crypto market, what can you see? The traditional financial system is riddled with vulnerabilities, while blockchain technology is gradually filling these gaps. The reason Bitcoin attracts more holders is fundamentally a hedge against this financial disorder.

**Financial institutions are both players and referees**

What did JPMorgan's traders do? Manipulate the market and then craft a set of schemes to evade regulation—disguising false trading instructions as high-frequency trading models automatically placing orders, using "risk mitigation" to explain frequent order cancellations. This is not a bug; it’s systemic corruption.

Even more outrageous is the structural advantage. JPMorgan controls nearly half of the COMEX silver spot inventory, provides financing to silver miners, and holds internal information across the entire supply chain. The result? Bear markets "short squeeze" to make money, bull markets "long squeeze" to generate profits. Such dual-sided harvesting is impossible in crypto markets—try doing the same with Bitcoin? The transparency of blockchain would expose your tricks in the sunlight.

**Why is regulation always one step behind?**

That’s the core issue. Traditional financial regulators cannot keep pace with technological innovation and financial engineering in the market. JPMorgan’s case is not an exception; it’s just the one caught. How many go unnoticed? That’s the truly unsettling part.

The change brought by blockchain is that—all transactions are traceable, verifiable, and immutable. Regulators no longer need to chase behind to audit; everything is on the chain. This is not a technological victory; it’s a fundamental shift in the trust mechanism from "trusting institutions" to "trusting code."

The increase in Bitcoin holdings precisely reflects recognition of this shift. When traditional finance repeatedly undermines its own trust foundation, more and more people choose to allocate assets into places where they don’t need to "trust someone." This is not hype; it’s a systemic choice.