Is Bitcoin still a tool for pursuing financial freedom, or is it being quietly absorbed by the system it once tried to subvert? To explore this controversial topic, I recently had a fascinating conversation with Sky Wee, founder of Sky Ventures Labs. He is not only an early investor, but also an important opinion leader in promoting the popularization of blockchain technology and digital currency. Sky Wee initially became popular in Southeast Asia for his active participation in the gaming and e-sports fields and accumulated a large number of fans. Today, he provides strategic consulting for multiple global Web3 projects and has also been selected for the Forbes 30 Under 30 list.
For years, Bitcoin has been a symbol of rebellion—a decentralized response to the challenges of central banks, inflationary currencies, and overreaching governments. But as BlackRock, Fidelity, and sovereign wealth funds from various countries enter the market, we have to face an unsettling and even controversial question: Is Bitcoin still "the people's currency"? Or has it gradually become an asset of Wall Street? Sky Wee is a long-term supporter of Bitcoin and a staunch decentralized idealist. Our conversation reveals the hope and reality in the evolution of Bitcoin's identity. Although some people may disagree with Sky Wee's views, the discussion about the ultimate proposition of this industry is destined to be long-lasting and thought-provoking. Especially after a new round of bear market and global geopolitical tensions, this topic will only deserve more attention.
Institutional verification of Bitcoin, or “infiltration”?
“Bitcoin was created as a hedge against the traditional financial system,” Sky Wee says, “and now the system itself is recognizing its value.” It’s a fair point. The inclusion of ETFs and corporate vaults doesn’t necessarily negate Bitcoin’s original purpose—it reinforces it. But as a realist, we can’t ignore the changes in context and power. Bitcoin is still permissionless in code, but its holding structure is becoming more and more like traditional assets. Sky Wee adds, “Bitcoin doesn’t care who owns it. As long as the people are holding it, it’s the people’s currency.” That said, here’s the crux of the matter: if ordinary users prefer convenience over sovereignty, such as choosing a custodial ETF over self-custody, the power structure around it will become centralized even if the protocol itself remains decentralized.
The Role of Retail Users in the Future of Bitcoin
When asked about DeFi geeks' concerns about "institutional entry will concentrate Bitcoin supply", Sky Wee acknowledged the concern, but looked at the problem from a different perspective: "The real risk is not that institutions are buying, but that ordinary people are not buying." This view is quite provocative. After all, the total amount of Bitcoin is still 21 million, and no matter how powerful the entity is, it cannot change its monetary policy. But in the final analysis, holding rights are important. Assets in the hands of a few people may reshape their narratives, markets, and futures even if the protocol does not change.
So what does all this mean for ordinary people? "Institutions buying a lot of Bitcoin shows that it has long-term value," Sky Wee said. "It brings credibility, easier access to the market, and a more stable price floor. But individual users still have advantages - they can achieve self-custody without anyone's permission." It's indeed an attractive vision: Wall Street can build roads, but the steering wheel is still in the hands of retail investors - as long as they are willing. However, history has proven many times: early users are driven away by market prices, and the infrastructure built by institutions may eventually exacerbate institutional monopolies. The promise of accessibility may also become an illusion of inclusiveness.
Sky Wee’s point is clear: the entry of institutions may bring about changes, but it does not mean that Bitcoin has deviated from its original intention. He affirmed the injection of liquidity and legitimacy, while emphasizing: “Bitcoin still does not require permission. It does not care who holds it. The real key is whether retail investors continue to accumulate or hand over the dominance to large institutions. As long as people still hold it, it will still be the people’s currency.”
I am not completely an idealist. I do think that Bitcoin and a range of other digital currencies have important significance as "digital gold". I fully recognize its value. But I also have to admit an increasingly obvious reality: institutional adoption does make mainstream popularization easier, but it also inevitably concentrates control in the hands of a few institutions.
Take Bitcoin mining as an example: ordinary people used to be able to mine with their home computers, but now the barriers to entry are high, such as the need to purchase large mining farms in Texas or Norway and high-end AI chip equipment. This has long become a game with extremely high capital and technical barriers, and ordinary people can hardly participate. The manipulation of electricity prices can also indirectly affect the price of Bitcoin.
This trend is not new. Every industrial, digital or blockchain revolution initially opened doors for those who were previously excluded - first knowledge, then tools, then access. But in the end, it always leads to integration and centralization.
For Sky Wee, the key to whether Bitcoin is "kidnapped" by Wall Street is not whether it serves Wall Street, but "who needs whom more". "In the short term, yes. We have seen Bitcoin fluctuate with macro trends, such as interest rates and stock market cycles. But the fundamentals of Bitcoin have not changed - its supply is still fixed, the network is still decentralized, and it operates 24/7, unlike traditional markets. In the long run, Bitcoin does not need Wall Street. But Wall Street needs Bitcoin. The more the traditional system struggles, the clearer it becomes: Bitcoin is the ultimate 'exit strategy'."
Author: Dr. Max Li, Founder of OORT and Professor of Columbia University
Originally published in Forbes: https://www.forbes.com/sites/digital-assets/2025/04/15/will-bitcoin-serve-main-street-or-wall-street-in-the-future/
