The Bitcoin community is facing a crisis of perception, with many individuals championing solutions that compromise the core values of the cryptocurrency. In a recent article, it was highlighted that the decentralized nature of Bitcoin is what gives it value in the first place. Without this decentralization, Bitcoin would essentially be no different from a traditional bank database.
Some individuals in the space are advocating for solutions like ETFs and custodians, which could potentially erode the fundamental properties of Bitcoin. These individuals are being praised for their efforts to increase the price of Bitcoin and boost their own wealth, while those who are working to maintain the core values of the cryptocurrency are being criticized as “spooks” and fear mongers.
Michael Saylor, a prominent figure in the Bitcoin community, has even gone as far as to defend custodians as a superior path to adoption over self-custody. This stance has sparked controversy within the community, with many arguing that custodians could lead to the same fate that befell gold when governments interfered and manipulated the precious metal.
Ultimately, the article concludes that the world of Bitcoin is upside down, with those working to maintain its core values being attacked, while those compromising its resilience are being hailed as heroes. The future of Bitcoin as a decentralized and neutral system is at stake, and it is up to the community to decide which path to take.
