I posted this quoted Yakihonne note across my socials:

A friend replied saying this has never really been a crypto friendly administration.

At first I pushed back. We have ETFs, institutional adoption, big bills being passed, lots of surface level progress. But the more I sat with it, the more I wondered if he might be right.

ETFs do not put Bitcoin in people’s hands. They put it in the hands of banks and institutions. Exposure without ownership. Price without sovereignty.

When institutions buy, governments gain leverage. Regulation follows. Pressure follows. Control creeps back in.

Then you have MicroStrategy and Saylor. One entity accumulating huge amounts of Bitcoin, issuing shares, becoming a single point of narrative and risk. Now MSCI moves to exclude companies primarily tied to digital assets. Suddenly the “never sell” stance may face external pressure.

Put together, it starts to feel coordinated. Not to kill crypto outright, but to neutralise it. To absorb it into systems that can be influenced, regulated, and eventually controlled.

Bitcoin was meant to be outside that system. What happens when the system learns to wrap itself around it?

Just thinking out loud.

#Nostr #Bitcoin #Crypto #Sovereignty #Decentralisation #ETFs #FinancialControl nostr:note1l3cejeajs57fwn0hgu6v2fn52erujjsc447q2qwdf9kku9vl83gqefa38k