Bitcoin's (CRYPTO: BTC) transition from a decentralized digital asset to one dominated by institutional players has introduced a new set of risks.
What Happened:With Bitcoin exchange-traded funds (ETFs) in the U.S. now holding over 1 million tokens—equivalent to 5% of its total supply—the cryptocurrency is increasingly controlled by financial institutions and even governments, reshaping its original decentralized ethos, Bloomberg reported.
The establishment's growing control over Bitcoin is evident in the push for a U.S. government Bitcoin reserve.
A proposal by Wyoming SenatorCynthia Lummis suggests selling Federal Reserve gold to purchase 1 million bitcoin, potentially...