The Bitcoin Perception Change
Bitcoin is changing and is not the same anymore as Satoshi may have envisioned it back in 2009. Here’s my latest rant about the matter.
Joël here! 👋
Five years can go by incredibly quickly, or it can feel like an eternity, depending on what’s going on in your life and what other circumstances happen around you.
In Bitcoin, there is never a dull moment, and five years feel like an eternity, not because of the price, denominated in fiat currencies such as the U.S. Dollar or Euro, but because so much is happening in the community.
From new updates to the protocol, to scaling solutions, or the never-ending talking points on social media. Those talks mainly include narratives we read in the press.
These narratives are the main talking points of this post today. Primarily, the shift in perception by Wall Street and the growing interest in politics are driven by initiatives like strategic reserves. Which, on that note, may or may not come.
Bitcoin has evolved, and here are my thoughts about the biggest developments and how they will change the community in the future.
Satoshi Didn’t Have Donald Trump on His Bingo Card
Just five years ago, Donald Trump was at the end of his first term. A term in which he declared the Dollar hegemony and called Bitcoin stupid.
He did it in the most Trump way, through a post on Twitter, when it was still called that.
Sixty months later, and he’s addressing the topic with a different tune. I was in the audience last summer in Nashville when he took the stage – there, I may say, 90 minutes late.
Obviously, this was a voting promise to gain key votes in the industry. But looking back at it, this worked, and he seems to be keeping his promise.
On March 6th, he signed an Executive Order to establish a strategic Bitcoin reserve and a digital asset stockpile.
This is a milestone in Bitcoin’s young history, marking the second biggest event after the launch of spot Bitcoin ETFs, which has helped change public perception.
As of late August 2025, we need to see how the U.S. is adopting Bitcoin.
Is Wall Street Suddenly a Bitcoin Bull?
It’s not just the national reserves that Satoshi didn’t see coming, or maybe he did but not to that extent, it’s also the spot Bitcoin ETFs in the U.S.
What I’m about to say is not popular in the Bitcoin maxi rounds, but it’s the truth:
Bitcoin is trading above $100,000 due to the ETFs and increased buying pressure from Wall Street.
Long gone are the days when we would use BTC as peer-to-peer cypherpunk money. It’s become an alternative asset for major institutions and banks.
Is that bad?
Personally, I don’t think so, as Bitcoin aims to be neutral money, one that everyone can participate in, as long as you stick to the network rules.
But the ETFs are not so successful, because Wall Street has suddenly swallowed the orange pill.
It’s a money-making machine! Compared to other ETFs, such as VOO by Vanguard, they’re incredibly high-priced.
ETFs, generally speaking, have a low barrier to entry. Not only do you not have to stock pick, but the fees are often very appealing as well.
That is not the case with the majority of spot Bitcoin ETFs. There is even GBTC, which charges over 100 basis points! But the demand for Bitcoin in these circles is there, and these asset managers can profit from it.
This is why BlackRock and everyone else are pushing them so heavily. Don’t believe me? Watch my Substack Interview with Mark Connors, where he broke it down.
ETFs ushered in a new era for Bitcoin, but also a new type of Bitcoiner…
There Are Now Suit Bitcoiners
I saw this this year in Las Vegas. Compared to last year in Nashville, you saw more suits and people from Wall Street on the event floor.
We also saw the emergence of Bitcoin treasury companies. A typical playbook by suits to leverage an asset to the tits and make some sweet green in the form of stocks or bonds.
Now, I’m the first one to tell you that it is not a bad thing. As a matter of fact, during one of my numerous meetings, I discovered an additional perspective on Bitcoin.
One where ethics and morals play a lesser role than we often see in the Bitcoin community. Instead, all these folks care about are positive returns.
I don’t blame them; it’s the game they need to play. Not only to feed their families, but also to satisfy shareholders, investors, and ultimately their bosses.
What surprised me after these conversations is the speed at which people in finance instrumentalize Bitcoin. They excel at leveraging assets and creating value out of nothing to sell later.
The same happened with ETFs, where we now also have options, and for that matter, also with all these Bitcoin treasury companies.
You’re not buying Bitcoin if you hold shares in these firms. All you buy is exposure to the BTC price. OK, and maybe the next holiday home for one of the suits.
I’ll be intrigued to see if they stick around in the bear market. But for now, suits in Bitcoin is a new phenomenon.
The Perception Change
This was a rant up until this point (I warned you in the beginning), but this was an interesting topic to get off my chest.
Politics, our everyday lives, and the world are changing. It would be foolish to believe that Bitcoin wouldn’t do the same.
And this is what I believe we will see in the coming years as well.
This new reality, involving paper Bitcoin, ETFs, or treasury companies, represents a step in the evolution of Bitcoin. Doesn’t mean that you have to participate; the choice is still up to you.
However, believing that we would forever stay in the same state as in 2009 is no longer the case.
And if you want to do so, all you need to do is hold Bitcoin in self-custody, which is what you should do anyway!
