Tokenization: a potential pathway for Bitcoin’s future
研究了代币化如何提升比特币价值，解释其高估值，并提出了解决信任问题的软分叉机制。
We introduce tokenization as a way to upgrade Bitcoin and analyze how it affects Bitcoin’s value. The tokenization possibility explains Bitcoin’s current high valuation despite expectations that declining mining rewards will reduce security. We develop a new monetarist model with two monetary standards, network effects, and transaction costs from congestion and declining security. Without tokenization options, the model predicts a zero Bitcoin price given declining security. With tokenization, the transition may be delayed by trade-offs between network effects and congestion on Bitcoin’s blockchain versus those on a new monetary standard. As Bitcoin’s security declines, this balance shifts toward the new standard, generating equilibria where Bitcoin’s price rises with token adoption. Bitcoin-backed tokens already exist (e.g., WBTC), demonstrating practical feasibility, though empirical evidence reveals that trust in token issuers remains critical. To address this trust issue, we propose a simple soft-fork mechanism.