According to CoinMeta, Wu said that he learned that the founder of Strategy, Michael Saylor, published a lengthy article titled “The Bitcoin Reformation”, in which it is argued that Bitcoin is evolving from “peer-to-peer electronic cash” into a global “digital capital”. This evolution does not require the disappearance of fiat currency, banks, governments, or traditional finance. Saylor believes that self-custody should be a right rather than an obligation. Tools such as ETF, listed company stocks, bonds, preferred stocks, and derivatives, which are considered “paper Bitcoins”, can be part of the financialization of Bitcoin as long as their rights structures and collateral relationships are transparent. In the future, Bitcoin is more likely to become the underlying reserve asset supporting systems for equity, credit, currency, and derivatives.