Option 1.

If >95% are owned by custodians, it's only a matter of time before printing starts and the value drops.

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Yes sadly... nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a talks about it in her book. Play the money game 100 times and we will only end up with custodians and centralized power… let’s hope bitcoin will break this cycle.