Bitcoin just had its biggest conference yet. 40,000 people in Las Vegas. Blackrock on stage. The SEC Chair. Corporate treasury panels.

And early Bitcoin adopters were furious.

In this episode, I'm breaking down the tension that's been building for years — between what Bitcoin was built to be (peer-to-peer money that routes around institutions) and what it's becoming (a $1.5 trillion asset mostly held through ETFs, custodians, and corporate balance sheets).

More Bitcoin is now held through institutions than through individuals with their own wallets. That's not a rumour. That's just the math.

Is that progress? Betrayal? Both?

I'm not giving you a clean answer, because there isn't one. But by the end of this episode, you'll have a real framework for thinking about it.

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