Bitcoin maximalist paradox: BTC adoption threatening founding principles
As Bitcoin becomes more institutionalized, some argue that it is losing ties to its founding principles of decentralization.
Bitcoin was created in response to the 2008 financial crisis as the people’s currency to bypass the manipulation and mismanagement of the financial systems by governments, financial institutions and special interest groups.
Bitcoin has become increasingly concentrated among governments, exchange-traded funds dominated by financial institutions, corporations and whales . Today, 6.5% of total wallets hold 98% of Bitcoins.
Somewhere along the way, an inherent paradox emerged within the Bitcoin maximalist community: Believing in the ideals and purpose of Bitcoin, yet celebrating and depending upon the very institutions Bitcoin was built to circumvent.
As Bitcoin becomes more institutionalized, some argue that it is losing ties to its founding principles of decentralization.
Bitcoin was created in response to the 2008 financial crisis as the people’s currency to bypass the manipulation and mismanagement of the financial systems by governments, financial institutions and special interest groups. Bitcoin has become increasingly concentrated among governments, exchange-traded funds dominated by financial institutions, corporations and whales . Today, 6.5% of total wallets hold 98% of Bitcoins. Somewhere along the way, an inherent paradox emerged within the Bitcoin maximalist community: Believing in the ideals and purpose of Bitcoin, yet celebrating and depending upon the very institutions Bitcoin was built to circumvent. Read more