Bitcoin is facing a strong rally to the upside by consequently touching new ATHs to above $ 34,000, an unthinkable path a month ago when its price was exactly half. Catherine Coley, CEO of the US division of the popular cryptocurrency exchange Binance, predicts that the current Bitcoin bull run could push the price of the cryptocurrency to $ 100,000 due to insane takeovers by giant institutional and private investors. Buying Bitcoin has become difficult, in short supply and in recent weeks all of the new BTC mined is absorbed by large investors who accumulate thousands of coins a day and the market seems to run out day by day.
Today I asked myself the question: is this what Satoshi Nakamoto would have wanted? Will decentralization lose its meaning if most of the coins end up in the pockets of the powerful?
We know that Satoshi Nakamoto created Bitcoin as an instrument of democracy and fight against the power of lobbies, banks, governments guilty of economizing on the skin of its inhabitants. An instrument of freedom of free trade without ridiculous bureaucratic obstacles, without impediments. The freedom to send money anywhere in the world in a few seconds: all you need is an internet connection and a mobile phone, technologies that are now present everywhere. Anyone in the world has a cell phone, indeed there are more smartphones in the world than people... Incredible!
But if the institutions acquire all or almost all of the outstanding BTCs over the years, how likely is it that absolutely nothing will change compared to the current payment system?
We know that Bitcoin is programmed to mine 21 million coins and it is not possible to tamper with the algorithm to produce more (am I wrong?) And this will prevent printing money and creating inflation. But it is clear that economic power could remain in the hands of the powerful and monopolize the economy over the next decades, as if nothing had changed since 2009.
However, at the moment Bitcoin is far from being a system used for payments and for this reason digital gold has been defined, an asset to be kept as a long-term investment, a refuge from the depreciation of the dollar and of the world FIAT currencies. So what's the point of buying Bitcoin if not for profit? Those who are enthusiastic about Bitcoin today should worry about the rise of the powerful in the crypto market because if the coins end up in the wallets of the giants, then Satoshi Nakamoto has failed his purpose.
