Liu Changyong, a doctorate in economics from Peking University and founder of Zhimi University, said on Weibo today that the development of Bitcoin has shown a trend of financialization since 2017. Before 2017, Bitcoin's functional positioning was a monetary function as a payment medium. Ethereum has more downplayed financial attributes, emphasizing the use of blockchain technology to achieve decentralized cloud computing platforms. At that time, the consensus in the industry was to build a more open and free world economic system based on currency and cloud computing. The important reasons leading to the financialization of cryptocurrencies since 2017 are: 1) The failure of Bitcoin expansion; 2) Blockchain token crowdfunding; 3) In the face of price plunges, more and more projects are moving towards lock-ups, draws, The high-risk financial maintenance method of pulling people's heads; 4) The high liquidity of cryptocurrencies and crypto securities and the formation of a global trading market have provided further financial products with actual demand and trading channels, which has promoted the financialization of cryptocurrencies.