This is an opinion editorial by Obi Nwosu, CEO of Fedi and member of the Trust Board.
2020 I predicted that Bitcoin will be attacked between 2018 and 2023 but would eventually be successful at its end. While I’m no prophet, it was clear to me that this was going to be a critical time for Bitcoin. When the bear market hit this year, we saw a “cleansing” of the Bitcoin ecosystem and an opportunity to refocus on its core mission of monetary freedom.
The snowball started in the heat of July with the bankruptcy of Celsius, the first sign that the ecosystem we built was not healthy. The fact that we were using a decentralized currency to mirror a centralized financial system didn’t fit the vision of Bitcoin.
This once again highlighted the existence of two alternative and distinct realities for Bitcoin. “real” Bitcoin, which is bottom-up and focuses on the value that Bitcoin can bring to the world, and “regulated” Bitcoin, which focuses on price. and committed to regulatory systems and adoption through speculation.
I sold Coinfloor in 2021 because I realized that exchanges like ours were too often dedicated to keeping their users trapped in regulated Bitcoin land. As we approach the end of 2022, its negative effects have been painfully demonstrated by the collapse of FTX, the regulatory implications and the loss of so many innocent people.
On the other hand, real Bitcoin is flourishing in the Global South and post-Soviet regions, where the innovation relates to the story that Bitcoin lacks good use cases. For example, the new version border towns emerges by combining renewable energy, bitcoin mining, internet connectivity and community stewardship. As I have long suspected, true adoption of Bitcoin can only come from humans, and Fedimint and Fedi are looking to be pivotal in achieving hyperbitcoinization. The world will experience the most primitive form of defense, humans combined, translated and turbocharged by the highest technology.
Communities will play a crucial role in defining the path of Bitcoin in the coming years. Bitcoins are already empowering communities around the world, but it is vital that our global community also stays united to win this battle. As I predicted in my 2020 post, we will certainly succeed in this and more I am more convinced than ever that Bitcoin will win 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 Bitcoin Magazine.