Bitcoin’s Wall Street takeover frustrates crypto’s true believers
Approval of first bitcoin ETFs undermines libertarian vision of alternative to mainstream finance
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The price of bitcoin soared to its highest level in more than two years this week, as speculators bet that the first approved stock market funds for cryptocurrencies would open the door to a wave of new investors. But some enthusiasts say the Wall Street takeover betrays their vision of crypto as an alternative financial system away from the prying eyes of government and mainstream finance, and cements bitcoin’s status as merely a vehicle for speculation.
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“The founding principles of bitcoin and decentralised currency is really this cypherpunk, going against the grain, going against the big institutions,” said Xavier Nukajam, a crypto start-up founder from the UK. “If you create this alternative and have to submit to what already exists . . . you’ve failed.” That submission was underlined this week by the fanfare around the launch of bitcoin exchange traded funds, after more than 10 years of applications rejected by the Securities and Exchange Commission.
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