I predicted in 2020 that while Bitcoin would experience attacks from 2018 to 2023, it would ultimately succeed at the end of that time frame. It was obvious to me that this would be a pivotal time for Bitcoin, even though I am not a prophet. After this year’s bear market, we observed a “cleansing” of the Bitcoin ecosystem and an opportunity to refocus on its primary goal of monetary freedom.
The Celsius bankruptcy, the first indication that the ecosystem we were creating was unhealthy, set off the snowball in the sweltering heat of July. The idea behind Bitcoin was not to use a decentralized currency to replicate a centralized financial system.
This once again brought attention to the existence of two conflicting realities for Bitcoin: “regulated” Bitcoin, which is concerned with price and is committed to regulatory systems and adoption through speculation, and “real” Bitcoin, which is rising from the ground up and focuses on the value Bitcoin can bring to the world.
Due to my realization that exchanges like ours were frequently devoted to keeping their users trapped in regulated Bitcoin land, I sold Coinfloor in 2021. As we approach the end of 2022, the FTX collapse, the regulatory fallout, and the losses suffered by so many innocent people have painfully illustrated the negative effects of this.
Real Bitcoin, on the other hand, is thriving in the Global South and post-Soviet regions, where innovation is dispelling the myth that Bitcoin has no practical applications. For instance, a new type of frontier town is emerging that combines community custody, internet connectivity, bitcoin mining, and renewable energy. Real Bitcoin adoption, as I have long suspected, can only come from the general public, and Fedimint and Fedi aim to play a significant role in achieving hyperbitcoinization. The most basic form of defense, people working together, will be translated and amplified by the most advanced technology.
Communities will be incredibly important in determining the direction Bitcoin takes in the upcoming years. Although bitcoiners are already empowering communities all over the world, we must all work together to win this war. We will undoubtedly be successful in this endeavour, as I predicted in my post for 2020, and as a result, I am more certain than ever that Bitcoin will triumph in 2023.
This is a guest post by Obi Nwosu. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or BitNewsToday.
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