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>>Has Wall Street taken over Bitcoin? A Bloomberg analyst ignites a fierce discussion.

Has Wall Street taken over Bitcoin? A Bloomberg analyst ignites a fierce discussion.

crypthub

about 7 hours ago

Bitcoin’s Core Value Debate

A Bloomberg ETF analyst sparked renewed discussion over whether Bitcoin’s fundamental appeal has eroded as institutional players dominate. The argument pivots on Bitcoin’s claim to be “debasement‑resistant” while its price remains highly volatile. Critics question if a volatile asset can truly serve as sound money. The debate has resurfaced on X, drawing sharp opinions from both sides.

Balchunas’ Defense

Eric Balchunas argues that Bitcoin’s novelty lies in its censorship‑ and debasement‑resistance, not in its product category. He attributes volatility to the asset’s youth and notes that price fluctuations often mask its monetary properties. According to him, institutional wrappers merely lower fees and improve safety without altering Bitcoin itself. He sees the current “gatekeeper upgrade” as a maturation step rather than a betrayal of the original ethos.

Critics’ Counterpoints

Chicago Future of Finance host Oliver Renick contends that Bitcoin’s frequent price swings amount to repeated debasement events, rendering it unsuitable as money. He compares Bitcoin’s volatility to the dollar’s modest moves, labeling it “bad money.” While Balchunas concedes short‑term volatility, he maintains long‑term dilution resistance remains intact. The exchange highlights a split between viewing Bitcoin as a future store of value versus a niche censorship tool.

Market Snapshot

At press time Bitcoin traded around $66,200, reflecting both the recent gains cited by supporters and the persistent price swings emphasized by detractors.