The “Trump Pump” is a significant increase in Bitcoin’s value, which many people celebrate as their net worth goes up. However, this isn’t necessarily a reason to cheer. Bitcoin is facing a challenge as institutions, high net worth individuals, and the current administration enter the market mainly to make profits and maintain control.
These new entrants lack interest in Bitcoin’s original goal of providing tools for freedom and sovereignty, focusing only on its increasing value. This could lead to Bitcoin becoming a financialized asset dominated by these entities, which could change the consensus of the network. This early domination by these actors could lead to Bitcoin’s ossification, where only the wealthy have access or control the network.
The author urges Bitcoiners to not get complacent and focus on spreading Bitcoin as a tool for freedom and liberation, rather than just getting rich.
