Opinion articles present diverse opinions and do not represent the position of "WEB3+"
Bitcoin’s “price” hits a new high, but what about its “value”?
After more than two years, Bitcoin has once again reached its previous historical high of $69,000. At a time when most people are thinking about "price," I can't help but ask myself, what is the new "value" created by this new high?
In the Web3 world, an important discussion point is the balance between centralization and decentralization. As stablecoins, ETF holders, and centralized exchanges dominate the transfer of value in cryptocurrencies, we have to ask: Does this direction really represent the better future we are pursuing?
🛎️Extended reading: Bitcoin breaks $69,000, hitting record high! Then it plummeted by US$10,000 overnight. How will the price of the currency change in the future?
ETFs are so popular, will the spirit of decentralization be diluted?
The adoption of Bitcoin spot ETF is naturally the driving force behind this bull market, but when ETF holders and centralized exchanges control the vast majority of transactions and value flows (according to statistics, the issuer of ETF holds 200,000 Bitcoins coins, approximately one-fifth of the number held by Satoshi Nakamoto), the decentralized spirit of the cryptocurrency market has been further diluted.
The decisions and attitudes of these institutions not only affect the price of cryptocurrency, but also determine which projects can gain exposure and recognition. Regulation has led to a greater concentration of this power, making the cryptocurrency ecosystem increasingly dependent on the will and policies of a few large institutions.
A clearer regulatory framework for stablecoins will also bring us more applications in payment scenarios, and it also means that we will allow a few companies to hold the power to determine the fate of cryptocurrencies.
If a stablecoin forks to introduce KYC/AML (know your customer/anti-money laundering) and is forced to choose a side in the fork, the liquidity and support of the entire decentralized finance (DeFi) ecosystem may suddenly disappear. .
When ETF holders and centralized exchanges control the vast majority of transactions and value transfers, will the spirit of decentralization be diluted?
This not only limits the freedom and flexibility of the cryptocurrency ecosystem, but also hands important decision-making power to centralized entities that are not directly connected to users.
The future challenges facing the entire Web3 ecosystem cannot be ignored.
With the implementation of stricter KYC and AML regulations, and the introduction of central bank digital currencies (CBDCs), the wealth autonomy that Satoshi Nakamoto originally described as cryptocurrencies may no longer exist and become more and more like today's Some traditional financial systems.
Such changes would not only limit cryptocurrency innovation and freedom, but could lead to the exclusion of certain groups, especially those living in unfavorable geographical locations or countries with unfriendly governments.
Return to the original intention of the Web3 world
When people view Bitcoin as just another trading symbol on the stock exchange, focusing on the price of the number and ignoring the technology and value behind it, not only will the Web3 market as we call it lose its uniqueness, it may even It will degenerate into the same existence as the Web2 dark network. It will always be a non-mainstream application in the corner and be excluded by supervision.
The popularity of this kind of view will gradually violate the original goal of the blockchain: a more decentralized and autonomous way of exchanging value.
When vast amounts of control fall into the hands of a few, and cryptocurrency markets are viewed more as vehicles for speculation than vehicles for technological innovation, we really need to ask ourselves: What kind of future are we driving?
People began to only focus on the price of Bitcoin, ignoring the technology and value behind it. We should return to our original aspiration.
This phenomenon is not just about market prices, but about how cryptocurrencies and the Web3 ecosystem are understood and used. If we lose the core driving forces behind all of this - innovation, decentralization and user empowerment - then what will be left is an empty shell, a market without a soul.
Ultimately, we must reflect deeply on our original intentions and goals. The essence of the cryptocurrency revolution is to challenge the status quo and explore a way to transfer money and value that is not dependent on traditional financial institutions. However, as we become increasingly dependent on these legacy institutions and centralized decision-making mechanisms, we must ask ourselves: are we really moving towards a better future?