🗣 Has #Bitcoin# # Been Co-Opted? Analysts Weigh In

🔍 Scott Melker, host of The Wolf of All Streets podcast and #cryptocurrency# analyst, has sparked a debate about the potential co-opting of #Bitcoin# # from its original purpose due to recent sales by large holders, known as whales. He suggests that # Bitcoin## may have been partially co-opted by the very entities it was designed to protect against.

💬 In a social media post, Melker stated,
#Bitcoin# # is amazing, but it’s obviously been co-opted to some degree by the very people that it was created as a hedge against. Many of the most ardent early whales have seen their faith shaken and have been selling at these prices.
This statement ignited a heated discussion, with some agreeing with Melker while others defended the right of early #Bitcoin# # whales to cash out.

🤝 Matt Hougan, CIO of Bitwise, shared Melker’s perspective but emphasized that even if co-opting is occurring, #Bitcoin# # remains "pretty revolutionary." He noted,
It’s the first global money backed, not by the state and the threat of violence, but by logic and community.
Hougan also called for respect for the actions of early whales, stating,
The world needs #bitcoin more than ever.

🔄 On the other hand, investor Mike Alfred offered a different viewpoint. He argued that
people make a personal decision to sell some of all their coins for a myriad of reasons that have nothing to do with the asset or protocol
and pointed out that investment returns can become irrelevant over time.

📉 The discussion was prompted by Galaxy Digital's recent sale of a significant portion of 80,000 $BTC previously held by a 2011 whale. This event has raised questions about the current state of #Bitcoin# # as an economic phenomenon and its potential shift away from its original revolutionary idea.