Kalshi, a prediction market platform, recently launched the first regulated perpetual Bitcoin futures in the United States after receiving approval from the Commodity Futures Trading Commission (CFTC). These perpetual futures, or 'perps,' allow traders to maintain leveraged positions without any expiration date, which Kalshi CEO Tarek Mansour describes as 'the purest form of trading.' This development marks a significant shift in the crypto market, which has largely relied on offshore exchanges for such products. The launch comes amid a broader trend where major firms, including Coinbase and Robinhood, are signaling plans to introduce similar offerings. However, this raises important questions about the necessity of owning Bitcoin itself when traditional financial instruments can provide exposure. Critics, including CNBC's Tanaya Macheel, point out that the crypto industry still struggles to demonstrate that digital assets have utility beyond speculation. While stablecoins are gaining traction in real-world applications, Bitcoin's role appears increasingly focused on trading and speculative activities.