#Bitcoin’s protocol still works.

The risk is not in the code. It is in how people use it.

Bitcoin is increasingly held through ETFs, custodians, and treasury vehicles. That gives exposure, but it reduces participation. Price discovery moves off-chain. Coins consolidate into regulated pools. Users stop verifying.

This does not break Bitcoin.

But it weakens its sovereign properties.

Bitcoin was designed to be self-custodied money, settled peer-to-peer, enforced by users running nodes. That is what makes the rules hard to change and capture expensive.

When convenience replaces verification, enforcement thins.

When exposure replaces ownership, sovereignty erodes.

Institutions will always prefer paper claims and intermediated control. That is rational for them. It is not neutral for the network.

As a Bitcoiner, the responsibility is to be honest about this trade-off.

If you want Bitcoin to remain hard money:

• Hold your own keys

• Run a node if you can

• Use Bitcoin as money, not just as a price ticker

Bitcoin does not need belief or protection. It needs users who participate.

The protocol survives only if sovereignty is practiced, not outsourced.