Satoshi's coffin lid can't be held down in Las Vegas

Las Vegas, under neon lights, suited up.

On stage, a hedge fund manager from Wall Street, with a PPT that reads: "Bitcoin: The New Digital Gold for Institutions."

In the audience, thunderous applause.

ETF is not adoption; it’s the opposite of adoption.

I know what you're going to say: "Isn't ETF bringing in incremental funds?"

Yes, pigs also bring in incremental feed.

And then? Be slaughtered.

What is the essence of ETF?

It’s making you no longer hold the private keys, but hold "Bitcoin stocks."

Satoshi clearly wrote back then:

“I’ve developed a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”

No trusted third party.

And ETF?

It’s full of third parties.

Custodians, exchanges, underwriters, SEC...

You think you're getting on board, but actually you're chained up on the chain.

ETF makes ordinary people buy Bitcoin but can no longer use Bitcoin.

Outside the venue, I met an old miner.

He said something that sent a chill down my spine:

“Do you know why we sell? It’s not because we’re pessimistic.

It’s because we realize that now, the pricing power of Bitcoin is no longer in our hands.

We mine a block, but BNY Mellon tweets out a message.

So why stay? To be a mascot?”

What was the soul of early Bitcoin?

It was that everyone was a node, everyone had a vote.

And now?

You hold one Bitcoin, and BNY Mellon holds a million Bitcoin—are your “decentralized voting rights” the same?

No, you don’t even have voting rights.

Satoshi’s vision is not dead.

It’s still in every Raspberry Pi running a full node,

In every transaction buying coffee over the Lightning Network,

In every “old stubborn” holding onto their private keys instead of handing them to third parties.

But it’s buried.

Not by bad actors, but by those who mean well.

ETFs, corporate holdings, government reserves—each sounds reasonable,

But together, they form a gentle control net.

So, the question isn’t “Will Bitcoin go to zero?”

Bitcoin will never go to zero.

The question is: Will Bitcoin still be that “trust no one” Bitcoin?