Skepticism remains deeply embedded in Bitcoin culture, and according to Ego Death Capital co-founder Preston Pysh, that isn’t changing anytime soon — especially as Wall Street tightens its grip on the market.
Speaking with Natalie Brunell on the Coin Stories podcast, Pysh said many of the earliest Bitcoin holders feel the asset is drifting away from its grassroots ethos as institutional products like derivatives gain traction.
A Culture Built on Self-Custody
“Part of the culture that got Bitcoin here is looking around and saying: this is all moving in the wrong direction,” Pysh said. He pointed out that Bitcoin’s trillion-dollar market cap was built largely by individuals who refused to sell, even through brutal 70–80% drawdowns.
“We like to joke that we’re Bitcoin psychopaths,” he added, describing the extreme conviction among long-time holders who clung to self-custody as the foundation of Bitcoin’s philosophy.
But as new capital flows in through ETFs, structured products, and derivatives, some in the community are asking: is this just another scam dressed up as progress?
The Institutional Dilemma
The tension has surfaced repeatedly in recent debates. Analyst Scott Melker, known as “The Wolf of All Streets,” recently argued that Bitcoin, while revolutionary, is now being co-opted by the very system it was meant to hedge against.
Ryan McMillin, CIO of Merkle Tree Capital, sees the shift differently. He told Cointelegraph that old coins moving into institutional hands show Bitcoin is being fully absorbed into the global financial system — a development he views as inevitable.
Pysh, however, believes the gap between how institutions and individuals use Bitcoin will continue to widen. “Institutions are going to use it very differently,” he said. “That’s going to be a hard pill for people to swallow.”
Skepticism as a Feature, Not a Bug
Despite the discomfort, Pysh doesn’t expect Bitcoin’s culture of doubt to fade. “At its core, Bitcoin culture is about questioning everything,” he said. That mindset, he argues, will remain central as the community reconciles its original ideals with the realities of mainstream adoption.
A recent joint survey by Coinbase and EY-Parthenon shows 83% of institutional investors plan to increase their crypto exposure in 2025, suggesting that Wall Street’s role will only grow. For Bitcoin purists, the challenge will be holding onto its original vision while navigating a future increasingly shaped by the very institutions they once distrusted.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
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