Bitcoin, conceived as a decentralized alternative to traditional finance, faces a paradoxical distribution structure. A CoinTelegraph analysis based on BitInfoCharts data reveals that 98% of circulating BTC is held by just 6.5% of wallets, raising concerns about its true decentralized nature. This concentration of Bitcoin ownership among exchanges, listed funds, companies, and government entities undermines the vision of a "currency of the people." While Bitcoin emerged as a response to the 2008 financial crisis, its dependence on institutions and whales poses challenges to its decentralized ideals. Major players like El Salvador's daily BTC purchases and MicroStrategy's massive BTC holdings demonstrate the growing influence of traditional financial actors in the Bitcoin ecosystem. Should Bitcoin fail to escape this trend, its value as a decentralized asset could be compromised, facing the paradox of "centralized decentralized finance."