Some Bitcoiners are concerned about the direction in which Bitcoin was adopted and the direction in which current institutions dominate the narrative. This new kind of user, Suit Coiner, does not share the same vision as his father in founding the code.
“Suit Coiner is not guided by libertarian and Saipanpunk ideologies.”
Since its founding in 2009, when Bitcoin was developed to address the flaws in the current FIAT system, the narrative behind its main adoption drive shifted several times. On social media, Bitcoiner expresses concern about how the institutionalisation of space driven by Wall Street is changing the ideas behind Crypto, that is, the ideas behind the disconnection from the current financial system.
Jameson Lopp, co-founder and CSO of Bitcoin services company CASA, introduced the phenomenon. He said he would grab Bitcoin as a new entrant he called “Suit Coiner.”
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He rated:
Suit Coiner is here and is not driven by the ideals of libertarians or cypherpunk.
Nevertheless, he acknowledged that the acquisition was expected and impossible to halt, as the Bitcoin proposal became the center of the economic stage. “It will be interesting to see how it shakes and what value game theory lasts,” he concluded.
Holdmagoo, an active bitcoiner on social media, admitted that the major cryptocurrencies were actually captured, but emphasized that this was a good thing as it could function as a Trojan horse.
“After Bitcoin has completely marinated into the financial, political, and culture, we will be able to begin eroding the power structures that we desperately want to be destroyed,” he emphasized.
There is still debate about the current state of Bitcoin adoption and its future, with some saying that the acquisition could drive a change in the current pillar of Bitcoin philosophy, including its 21 million token issuance limit and its security model.
Read more: Confusion: BlackRock’s Bitcoin Video raises questions about 21 million hard caps
