There is some truth: Bitcoin is losing its most attractive soul.
In the past, it was a counter to fiat currency, now it is being locked into dollar hegemony.
When it is deeply tied to Wall Street, it loses the consensus as a global independent asset—
Geopolitical adversaries will buy gold, those bearish on the U.S. will buy gold,
Those bullish on the U.S. will buy U.S. stocks.
Caught in the middle, Bitcoin's space for survival is being compressed.
A Bitcoin that has lost its spirit of resistance is just a highly volatile derivative of the dollar.
But from another perspective: the charm of decentralization lies in the fact that when that day really comes, there will be another force to decouple BTC from the dollar, thus becoming a counter to fiat currency again, although it may come with very high volatility.
In the past, it was a counter to fiat currency, now it is being locked into dollar hegemony.
When it is deeply tied to Wall Street, it loses the consensus as a global independent asset—
Geopolitical adversaries will buy gold, those bearish on the U.S. will buy gold,
Those bullish on the U.S. will buy U.S. stocks.
Caught in the middle, Bitcoin's space for survival is being compressed.
A Bitcoin that has lost its spirit of resistance is just a highly volatile derivative of the dollar.
But from another perspective: the charm of decentralization lies in the fact that when that day really comes, there will be another force to decouple BTC from the dollar, thus becoming a counter to fiat currency again, although it may come with very high volatility.