Bitcoin is facing the threat of sanctions scrutiny, gradually shifting from a "free commodity" to a "controlled asset." Historically, rare resources like gold and oil have ultimately fallen under government control, leading to significant wealth destruction. If Bitcoin loses liquidity, it will cease to function as a currency and may face protocol-level regulatory verification, further weakening its value and decentralization features. Blacklist mechanisms are even more dangerous than network censorship, making Bitcoin's sovereignty and resistance to censorship increasingly fragile.