There was a time when Bitcoin was cypherpunk, and its holders were on a mission to change the world. Going against governments and even borderline defying the law to aid their cause. However, today we find Bitcoiners relying on ETFs, BTC treasury companies, and governments to pump the price of Bitcoin. No longer on an idealistic mission, being all about the tech and making the world a better place, instead only trying to pump their bags.

Somewhere along the way, it appears that Bitcoin has lost its way. That leaves us with two critical questions. 

How did we get to this point, and is it even possible for Bitcoin to turn it around?

Let’s dive into this one.

Bitcoin: A Peer-to-Peer Electronic Cash System.

Those are the very first words that appeared in the Bitcoin whitepaper. Bitcoin was supposed to be an escape from the corruption and greed that had infected world governments. People had grown tired of the value of their hard-earned savings being inflated away in an instant. Grew tired of having to rely on third parties to even have access to their own funds. 

Bitcoin was the answer to this. It was a hard money with a capped maximum coin supply. Which meant you didn’t need to worry about inflation. It was also a digital money that you could take full ownership of. No longer needing permission to send or receive money, purchase, or sell, no matter where you live in the world. Aspects that I truly began to value as I moved to different countries around the world.

While Bitcoin began as “peer-to-peer” cash that was arguably meant to be used for everyday types of transactions, it quickly transformed into more of a digital gold type of asset. Some will say that was when Bitcoin first began to waver on its original purpose, while others argue it was still on the same mission. Going after governments and being an escape hatch from their corrupt fiat systems. 

No matter how you feel about Bitcoin, there is no denying its unprecedented price performance. In a span of just over 15 years, it went from having absolutely no value to reaching a price of over $120,000 before dipping throughout the last year.

Bitcoin changed people’s lives forever; however, when large amounts of money start to get involved. That is when things usually become complicated. 

For a large number of Bitcoiners, they are still after the original mission. Believing in a money that doesn’t lose its value and having complete ownership over it. They took pride in being invested in an asset that didn’t involve the “big man.” For once, the normal person stood a chance. 

With that said, their minds eventually became corrupted. They became blinded by greed and tried to become rich themselves. Always looking at what the next catalyst could be that would help to pump the price of Bitcoin even further. Always wanting more. 

Eventually, it was decided that the almost legendary at-this-point spot Bitcoin ETF would be the ultimate catalyst for Bitcoin. It would be the event that created a once-in-a-lifetime transfer of wealth to people who have been investing in Bitcoin over the years. 

Or, that was the Trojan horse that Bitcoiners were sold at least.

There is no denying that the approval of Bitcoin ETFs being approved created an unprecedented amount of inflow into Bitcoin. Resulting in BTC soaring all the way to $124k, in a period that wasn’t even considered to be a bull run. 

However, the harsh reality is that ETFs being started on Bitcoin were also the first step of Wall Street, governments, and corporations squeezing their way into Bitcoin. Some would even say that was the moment that Bitcoin was officially hijacked. 

Bitcoin was no longer ours. It was no longer cypherpunk. Instead, it had become a small percentage of a mutual fund's investment strategy, or something on the balance sheet of corporations or treasury companies. Even worse, development on the actual Bitcoin protocol seemed to come to a halt. 

I must admit, personally, I do miss the old Bitcoin ethos. A rebel against the system. That is what attracted me to the recent Zcash (ZEC) movement. Bitcoin will forever be the main component of my portfolio and where my loyalty lies. However, ZEC did remind me why I fell in love with Bitcoin in the first place. 

The truth is that Wall Street entering Bitcoin and even taking over was ALWAYS going to happen. That is why there was such a focus on Bitcoin being the first place where retail buyers could get in before the big players. Once Bitcoin reached a point where it could no longer be ignored, was guaranteed to survive and even thrive. That is the moment when the financial powers that control the world would try to make their mark on Bitcoin as well. 

Bitcoin’s future isn’t set in stone. I would like to see more of a movement towards not caring what Wall Street or governments think about Bitcoin. Moving back to being a little more cypherpunk. Concentrating on development, privacy, and blockchain usage being a core focus going forward, rather than worrying about what the next price catalyst will be. A movement back to Bitcoin being an escape from the corrupt fiat world and the best way to hold your savings. 

Together we can make all of that happen. And once it does, I’m sure we will all be satisfied with how the price follows. 

How about you? Do you think Bitcoin has lost the narrative?

As always, thank you for reading!