Bitcoin’s invisible tug-of-war between suits and cypherpunks
Bitcoin purists are sounding the alarm as Wall Street suits pile into their beloved ecosystem. But who’s set to change: Bitcoin or TradFi?
At a recent Bitcoin conference in Las Vegas, there were so many government and TradFi attendees that Bitcoin purists are starting to worry theyre losing their peer-to-peer digital cash system to the suits.
From BlackRocks initial move for a spot Bitcoin exchange-traded fund in the summer of 2023 to US President Donald Trumps embrace of crypto, all signs indicate the institutions are finally here.
The years of Bitcoiners clamoring for institutional investors and pursuing price appreciation more proactively than privacy, self-custody, and other cypherpunk ideals have led to Bitcoin rapidly becoming just another TradFi instrument, Cake Wallet vice president Seth For Privacy tells Magazine.
