In this news:
Bitcoin is the world's largest cryptocurrency and received approval from the US Securities and ... More Exchange Commission to allow bitcoin exchange-traded funds. (Photo illustration by Chesnot/Getty Images)
Getty Images
Is Bitcoin still a tool for financial freedom, or is it quietly being absorbed by the system it sought to disrupt? To unpack the discourse of this ideological tension, I recently had an intriguing chat with Sky Wee, the founder of Sky Ventures Labs that does early stage investment and a key opinion leader who has been instrumental in promoting the adoption of blockchain technologies and digital currencies. Originally rising to prominence in gaming and esports, Sky Wee gained a massive following across Southeast Asia and now advises a wide range of global Web3 projects. He has also been recognized as a Forbes 30 Under 30 honoree.
For years, Bitcoin stood as a symbol of rebellion—a decentralized answer to central banks, inflationary currencies, and overreaching governments. But as institutional giants like BlackRock, Fidelity, and sovereign wealth funds embrace it, we’re left with an uncomfortable and often controversial question: Is Bitcoin still the people’s money, or is it becoming Wall Street’s asset? Sky Wee is a longtime Bitcoin advocate and decentralization idealist. Our conversation revealed both the hopes and hard truths about Bitcoin’s evolving identity. Some people may not fully agree with Sky Wee’s views, but the dialogue on this ultimate topic in the industry is thought-provoking and everlasting. The latest cycle of bear market and global geo-tensions would only make it a more interesting area to watch.
Bitcoin’s Institutional Validation — Or Infiltration?
“Bitcoin was always meant to be a hedge against the traditional financial system,” Sky Wee said. “What’s happening now is that the system itself is starting to acknowledge its value.” It’s a fair point. The entry of ETFs and corporate treasuries doesn’t necessarily invalidate Bitcoin’s purpose—it reinforces it. Yet, as a realist, someone can’t help but notice the shift in tone and control. Bitcoin may still be permissionless in code, but its ownership patterns are beginning to mirror those of traditional assets. Sky Wee added: “Bitcoin doesn’t care who owns it. It remains “people’s money” as long as people keep holding it.” True, but therein lies the catch. If everyday users opt for convenience over sovereignty—opting for custodial ETFs instead of self-custody—the protocol may remain decentralized, but the power structure around it won’t.
Retail’s Role In A Bitcoin Future
When asked about DeFi maximalists, those who advocate for decentralized finance, and their worries that institutional adoption will concentrate Bitcoin supply, Sky Wee acknowledged the concern—but reframed the risk. “The real risk isn’t institutions buying—it’s retail not buying.” It’s a provocative take. After all, the 21 million cap remains fixed, and no entity, no matter how powerful, can alter Bitcoin’s monetary policy. But ownership matters. The fewer hands that hold it, the more sway those hands may have—not over the protocol, but over its narrative, its markets, and its future.
So what does all of this mean for the average person? “Institutions accumulating Bitcoin signals long-term value,” Sky Wee argued. “It brings credibility, easier access, and a higher price floor. But individuals still have the edge—they can self-custody without permission.” It’s a compelling vision: Wall Street may build the roads, but the retail crowd still controls the steering wheel—if they choose to. Yet history has shown us how quickly early adopters can be priced out, and how infrastructure built by institutions often reinforces institutional dominance. The promise of accessibility could turn into a façade of inclusivity. Sky Wee’s perspective is clear: institutional adoption, while potentially transformative, doesn’t necessarily betray Bitcoin’s core principles. He acknowledges the influx of liquidity and legitimacy, but stresses, “Bitcoin is still permissionless. It doesn’t care who owns it. The real shift is whether retail investors continue accumulating or if they let big players dominate. Bitcoin remains people’s money as long as people keep holding it."
.png)
