In the early stage of bitcoin economic development, the market is immature, and speculative activities sometimes increase market volatility, reduce market trust and damage bitcoin economic development: 1) It is easy to be manipulated by bookmakers. Due to the small scale of bitcoin market and the lack of knowledge, experience and psychological quality of practitioners in the early stage of development, the market is easily dominated by large funds, and with the help of news and futures leverage, price fluctuation arbitrage is created and expanded; 2) Policy city and information city. Due to the poor transparency of the domestic institutional environment and the arbitrariness of the decision-making mechanism, there is great uncertainty and flexibility in the expectation and interpretation of policies, which enhances market uncertainty and even makes people take advantage of market fluctuations to make profits at low cost; 3) Zero handling fee leads to excess liquidity. In the case of small market scale, immature practitioners and poor institutional environment, the zero handling fee of trading platform gives the market too much liquidity, expands the above-mentioned artificial market fluctuations, increases the profits of fluctuation makers and forms a negative incentive; 4) Speculative demand is separated from application and investment. The above-mentioned vicious speculation benefits from market defects, and naturally tends to maintain these defects, thus destroying the market mechanism and business environment, occupying a lot of manpower, intelligence and funds to play zero-sum games, and even negative sum game, which seriously hinders the application and investment of Bitcoin that should be promoted.