Preston Pysh, co-founder of the Bitcoin venture capital fund Ego Death Capital, pointed out that early Bitcoin adopters will not stop questioning institutional adoption of Bitcoin in the near future.
“One of the cultures that has driven Bitcoin to this point is the constant examination of its future direction, firmly believing that ‘no, no, no, this is all heading in the wrong direction,’” Pysh said during a conversation with Natalie Brunell on the Coin Stories podcast on Friday.
Pysh stated that institutional participation in “institutional activities,” such as Bitcoin (BTC) derivatives, has caused some Bitcoin holders to worry about its long-term impact and question whether Bitcoin can still serve as the safe-haven asset it once was.
As institutional interest continues to grow, Pysh noted that some members of the Bitcoin community are beginning to question: “Am I experiencing a fraud similar to past waves of scams?”
This statement comes as the Bitcoin community continues to discuss whether rising institutional interest is causing Bitcoin to deviate from its original intent.
“The driving force behind Bitcoin reaching today’s point and breaking the $1 trillion market cap has primarily been individual investors. They manage their Bitcoin independently, holding onto their private keys even through 70% or 80% market cap declines, never selling,” Pysh added.
It has been nearly a month since intense discussions on social media began. At that time, crypto analyst Scott Melker (The Wolf of All Streets) stated that Bitcoin is “exceptional,” but has, to some extent, been controlled by the very groups that were originally meant to hedge against it.
Meanwhile, Ryan McMillin, Chief Investment Officer of Merkle Tree Capital, recently stated in an interview with Cointelegraph that old Bitcoin being sold to new institutions marks its “integration with the financial system.”
Pysh pointed out that the spirit of Bitcoin is facing challenges, and he expects this questioning to continue as institutional interest expands.
“I believe that in the future, many people will use Bitcoin in their own ways, especially institutions, and their usage will be completely different from individuals,” Pysh said.
“This is hard for many people to accept,” he added.
“Overall, the culture of Bitcoin is largely about skepticism towards everything, questioning all things,” he further stated.
According to a report released on March 18 by Coinbase and EY-Parthenon, 83% of surveyed institutional investors indicated plans to increase their cryptocurrency allocations by 2025.
Related: Willy Woo: Early whales are the culprits behind Bitcoin (BTC) “painful rises”
Original article: “Preston Pysh: Bitcoin (BTC) holders' skepticism towards institutions is hard to eliminate”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
