WBTCUSD
Wrapped Bitcoin / United States dollar
crypto Composite

is Bitcoin's 21 million supply cap a myth?
Not because the protocol changed but because Wall Street "financialized" it?

One bitcoin on-chain now supports multiple layers of claims:

1. Base layer: 1 BTC sits with a custodian
2. Futures hedge: CME contracts replicate exposure
3. Perpetual leverage: Cash-settled positions multiply claims
4. Wrapped tokens: DeFi collateral creates another layer
5. Structured notes: Banks issue products tied to BTC volatility

let's suppose a single bitcoin sits in Coinbase's vault. That same coin backs a CME futures contract, gets wrapped as WBTC on Ethereum for a DeFi loan, whilst the custodian simultaneously lends it out for yield. Three different parties think they own exposure to the same coin.

That's five claims on one coin, right?

same thing is happening to precious metals as far as I know: The paper gold market is 100x larger than physical gold available for delivery. When you buy gold on COMEX, you're getting a contract, not metal. Paper sets the price. Not physical demand.

Same manipulation playbook. Print unlimited paper claims, suppress price discovery, control volatility.

would the "solution" be Self-custody?
if we get our coins off exchanges, it can't be financialized.
as long as our tokens/crypto sits on a centralized ledger, it's being used as collateral to bet on the market.
Same thing is happening with FIAT money, where every "token" sitting in a bank is used to "create" more money out of thin air to loan it and use it as collateral.
Am I right or tripping?

is Bitcoin's 21 million supply cap a myth?
Not because the protocol changed but because Wall Street "financialized" it?

One bitcoin on-chain now supports multiple layers of claims:

1. Base layer: 1 BTC sits with a custodian
2. Futures hedge: CME contracts replicate exposure
3. Perpetual leverage: Cash-settled positions multiply claims
4. Wrapped tokens: DeFi collateral creates another layer
5. Structured notes: Banks issue products tied to BTC volatility

let's suppose a single bitcoin sits in Coinbase's vault. That same coin backs a CME futures contract, gets wrapped as WBTC on Ethereum for a DeFi loan, whilst the custodian simultaneously lends it out for yield. Three different parties think they own exposure to the same coin.

That's five claims on one coin, right?

same thing is happening to precious metals as far as I know: The paper gold market is 100x larger than physical gold available for delivery. When you buy gold on COMEX, you're getting a contract, not metal. Paper sets the price. Not physical demand.

Same manipulation playbook. Print unlimited paper claims, suppress price discovery, control volatility.

would the "solution" be Self-custody?
if we get our coins off exchanges, it can't be financialized.
as long as our tokens/crypto sits on a centralized ledger, it's being used as collateral to bet on the market.
Same thing is happening with FIAT money, where every "token" sitting in a bank is used to "create" more money out of thin air to loan it and use it as collateral.
Am I right or tripping?

Atomic swaps are the pure, trustless option - but UX and liquidity still lag.
Right now, most people use:

1. BTC → WBTC → ETH (DEX) – fast, but custodial risk.
2. Bridges / aggregators – easy, but bridge risk
3. Thorchain-style DEXs – more decentralized, variable fees/liquidity.
You still trade off decentralization, speed, and liquidity - usually you only get two.