This is an editorial opinion by Obi Nwosu, Fedi CEO and board member for ₿trust.
In 2020, I predict that Bitcoin will face an attack during the period 2018 to 2023 but it will eventually succeed in the end. Although I am not a prophet, it is clear to me that this will be a critical time for Bitcoin. When the bear market hit this year, we saw a “cleaning” of the Bitcoin ecosystem and an opportunity to refocus on the main mission of monetary freedom.
The snowball starts in the heat of July with the Celsius bankruptcy, which is the first sign that the built ecosystem is not healthy. The fact that we are using a decentralized currency to represent a centralized financial system is not compatible with the vision for Bitcoin.
This once again highlighted the existence of two alternate and diverging realities for Bitcoin: “real” Bitcoin, which is rising from the bottom up and focuses on the value Bitcoin can bring to the world, and “regulated” Bitcoin, which focuses on price. and committed to the system of regulation and adoption through speculation.
I sold Coinfloor in 2021 because I realized that exchanges like ours are often too dedicated to keeping users trapped in regulated Bitcoin land. As we approach the end of 2022, the negative effects of this have been painfully revealed by the collapse of FTX, the fallout from regulation and the losses incurred by many innocent people.
On the other hand, real Bitcoin is developing in the Global South and post-Soviet regions, where innovation overcomes the narrative that Bitcoin does not have a good use case. For example, the new version of the border towns emerged, combining renewable energy, Bitcoin mining, internet connectivity and community detention. As I have long suspected, real Bitcoin adoption can only come from people, and Fedimin and Fedi are looking to be the key to achieving hyperbitcoinization. The world will experience the most primitive form of protection – united humanity – translated and turbocharged through the highest technology.
In the coming years, the community will play an important role in defining the path for Bitcoin. Bitcoiners have strengthened their communities around the globe, but it is important that our global community also remains united to win this battle. As I said in my 2020 post, we will surely succeed in this and other endeavors 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.