Structural Implications

From a financial or institutional analysis perspective, this evolution generates several key conclusions:

• Bitcoin ceased to be exclusively a cryptographic experiment and consolidated as a new type of global asset.

• It is not backed by flows, physical assets, or state promises, but by algorithmic scarcity and distributed trust.

• Its value is determined by the market, but its rules are not modifiable by that market, generating an unprecedented asymmetry in modern economic history.

Bitcoin did not change its fundamentals to integrate into the financial system. It was the markets that adapted their logic to incorporate an asset without issuers, without contracts, and without central authority.