Preston Pysh, co-founder of Bitcoin Venture Fund Ego Death Capital, said early Bitcoin employers would not stop them from being skeptical about institutional adoption at any time.
“Some of that culture that has it is looking where this is heading and saying no, no, no, this is all moving in the wrong direction,” Pysh told Natalie Brunell on the Coin Stories podcast on Friday.
Pysh said institutions engaged in “institutional things” such as Bitcoin (BTC) derivatives have bitcoiners that are concerned about the long-term impact and whether Bitcoin can function as a once-safe asset.
“Am I being scamed like all the other scams that preceded this wave?” Pysh is a question that some of the Bitcoin community wants as systemic profits grow.
Bitcoiner who pushed it is worried about a trillion dollar direction
Comments come amid the ongoing debate within the Bitcoin community and the ongoing debate on whether the growing institutional interest has shifted Bitcoin from its original purpose.
“For those who made Bitcoin, we have not sold it here, with over a trillion dollars involved, and mostly self-supporting Bitcoin, holding the key to our dear life through a 70% and 80% decline, and have not yet sold,” Pysh added, adding:
“The term we want to throw is that we are Bitcoin psychopaths.”
It comes almost a month after a heated social media debate when Crypto analyst Scott Melker said he is also known as the All Street wolf.
Meanwhile, Ryan McMillin, chief investment officer at Merkle Tree Capital, recently told Cointelegraph that the sale of old Bitcoin to new institutions is a sign of “integration with the financial system.”
Institutions use “very different” bitcoin from individuals: Pysh
Pisch explains that the Bitcoin spirit is being challenged and hopes that it will continue to face scrutiny as institutional benefits grow.
“I think a lot of people will move towards using Bitcoin, especially the way they want to use institutions.
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“It’s a drug that people find difficult to swallow,” he said.
“Overall, part of Bitcoin culture is to be almost skeptical of everything and question everything,” he added.
According to a March 18 report by Coinbase and Ey-Parthenon, 83% of institutional investors surveyed said they plan to increase their crypto allocations in 2025.
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