The Future of Cryptocurrency: Beyond Blockchain, Focusing on Complex Adaptive Systems Current discussions about the future of cryptocurrency often center around blockchain technology. However, we believe the true future lies in Complex Adaptive Systems (CAS). Blockchain merely addresses liquidity issues, with its core value being the provision of transparent "trust code." Bitcoin is not simply a blockchain application but rather an innovative example of CAS in the digital world, whose intrinsic mechanisms hint at the future direction of cryptocurrency. Blockchain technology enhances the liquidity of digital assets through distributed ledgers and consensus mechanisms, building trust through transparency. Public chains like BSC and TRON are typical applications of blockchain as liquidity solutions. However, blockchain is essentially a centralized trust transfer mechanism, making it difficult to directly map individual rights and perceive complex realities. Bitcoin's uniqueness lies in its emergence as a CAS, composed of three key elements: the UTXO model, P/NP asymmetric perception of reality, and the consensus ledger. The UTXO model directly maps digital assets to individual rights, truly embodying individual sovereignty. Specifically, PoW miners perform complex distributed computations within the network to find a Nonce value that meets the difficulty target (an NP problem). This is a computationally intensive process requiring significant energy consumption. Meanwhile, nodes in the consensus ledger network only need to verify whether the Nonce submitted by miners is valid and whether transaction signatures are correct (a P problem), which can be completed in polynomial time. This computational asymmetry enables the Bitcoin network to uniquely perceive and confirm real-world transactions. Behind this process is the injection of real electrical energy into the distributed network, forming an energy-conservation loop through consumption and verification, ensuring the immutability of transactions and anchoring their value. The consensus ledger acts as a centralized notary of trust code, recording and verifying transactions to achieve liquidity and transparency. Therefore, emerging fields such as DePIN (Decentralized Physical Infrastructure Networks), DID (Decentralized Identity), and GameFi should actively explore development directions grounded in CAS. They need to draw inspiration from Bitcoin's innovations in UTXO mapping individual sovereignty, P/NP asymmetric perception of reality, and consensus ledger trust construction to build human-machine symbiotic systems capable of perceiving broader real-world information and directly protecting individual rights. Only in this way can cryptocurrency break through the existing DeFi framework and truly penetrate various aspects of the physical economy and digital life, creating more diverse and valuable application scenarios. Blockchain is merely one component of CAS, but the future landscape of cryptocurrency based on CAS will be far more expansive.