"While Bitcoin can control the number of users inside the network, it has no control over the number of users accessing the network through custodial banks. The growth of this banking layer is outside of the protocol’s control and could grow into a systemic risk for Bitcoin." - Hasu

A very interesting thought experiment from returning author Hasu, on the potential risks of a Bitcoin future without a trustless means of transacting. If most Bitcoin traded is a custodial IOU, could Bitcoin fall victim to the same fate as Gold? Find out more in today's read!

Check out the original and other great insights at Deribit.com:

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