Wall Street Is Bitcoin's Biggest Threat, Not Arbitrary Data

"Wall Street has unequivocally arrived. The long awaited phase shift is here. We have discussed for years what this time period and shift will be like, many cheering it on in anticipation of the economic implications and shockwave it would cause in terms of liquidity and price movement. In the last few years it has undeniably come to dominate the narrative, shaping dialogue and focus across the entire ecosystem."

"There is an entire wave of recent entrants into the space who have never held their own keys, never directly interacted with the protocol themselves at all, they have simply acquired proxies such as treasury company equity or ETFs. This is a massive cultural, and philosophical/logistical shift, for the entire ecosystem. It is not going to wind itself back. This is a new presence and a new attitude that we are going to have to confront. It's here to stay."

"It is one giant inter-subjective hallucination manifested through and verified with software. So what does it mean that a massive section of the population who chooses to interact with it financially avoid ever participating in that hallucination themselves? What does that mean for its nature, its functioning?"

Wall Street’s entry marks a phase shift as treasury companies and ETFs dominate discourse and participation. A large wave of entrants hold proxies like treasury equity or ETFs instead of private keys or direct protocol interaction. That creates a cultural, philosophical, and logistical change that appears permanent. Bitcoin’s identity as a peer-to-peer system depends on participants who interface directly with the protocol rather than TradFi wrappers. The growing prevalence of indirect participation raises existential questions about Bitcoin’s nature, functioning, and collective verification, and will require ongoing grappling and adaptation across the ecosystem.

Read at Bitcoin Magazine