Bitcoin's chilling out. Gone are those wild west days, or so it would appear. We’re beginning to witness a retreat from the stomach-churning drops and thrilling jags that characterized its formative years. Now, we're told to believe it's maturing. Yet is this stability really a sign of progress? Or is it, in fact, a gilded cage that is slowly closing in on the principles that created Bitcoin in the first place? Is this calm before a storm?

Freedom's Price Is Eternal Volatility?

Think about it. Bitcoin’s original allure wasn’t merely digital scarcity. It was liberation. Freedom from government surveillance, freedom from inflationary monetary policy, and freedom to transact without permission. That freedom did come with a cost—namely, all that volatility, all that wild ride was the price of that freedom. It was a manifestation of the market’s difficulty valuing a genuinely decentralized asset, a difficulty born of the fight against legacy power structures.

Now, the suits are moving in. Institutions have started to treat it as a hedge against all this uncertainty. Corporate adoption is on the rise. Long-term holders are increasing. What do we get when the rebel yells become corporate board room murmurs?

Consider the recent price fluctuations – a dip to $74,000 triggered by initial panic over US trade tariffs, followed by a rebound to $83,000 when those tariffs were partially paused. This isn't the sound of decentralized freedom; it's the echo of traditional market forces, the same forces Bitcoin was supposed to disrupt.

Has Bitcoin already become yet another wealth concentration tool for the world’s elite?

Africa's Needs vs. The New Normal

Let's shift our focus to Africa. Bitcoin had seemingly endless potential for the continent. It’s even easier to skip over messed up banking systems. Send remittances without being subjected to outrageous fees. Access financial services, regardless of whether you have a bank account. Many of us saw it as a means to circumvent the limitations imposed by traditional financial systems, a chance to build a more inclusive and equitable economy.

What does this newfound stability, home and health care, actually look like for everyday Africans. How does it convert into real-world value, or does it more so benefit large institutional investors and high net-worth individuals?

…or the small business operator in Nigeria grappling with hyperinflation. Bitcoin’s volatility is not only risk but opportunity with the potential for major returns. The distributive impacts of these gains have a chance at outpacing the Naira’s devaluation. A riskier volatile Bitcoin with all its ups and downs undoubtedly holds great potential for transformative change, but can a stable Bitcoin pack the same punch?

Here’s a question: Is a stable Bitcoin that's integrated into the existing financial system truly empowering, or is it simply a more palatable version of the same old game, rigged in favor of those already in power?

That latter story would have them believe, though, so we should be cautious of the stability-is-good narrative. Stability can be a dangerous trap to fall into. Rather, it harnesses radical currents, channeling them into institutions and structures that maintain disparity.

  • Accessibility: Will institutional adoption make Bitcoin less accessible to ordinary Africans?
  • Control: Will increased regulation stifle innovation and limit the freedom that attracted many to Bitcoin in the first place?
  • Equity: Will the benefits of Bitcoin's stability be evenly distributed, or will they accrue primarily to the wealthy elite?

Julio Moreno of CryptoQuant shares an important one with us תשובה. He points out that Bitcoin’s current volatility is much less than the COVID-19 crash, the Terra-Luna collapse, and the FTX downfall. Even though that seems like good news, it’s the bad one because it means Bitcoin is becoming more deeply connected with traditional finance markets. Once Bitcoin begins to act like the other asset classes, it will be subject to the same macroeconomic triggers. Moreover, it too will soon come under those same regulatory pressures. Well, here’s the thing.

The Real Cost of Controlled Waters

The point was to escape that system. To create an alternative.

Our goal was to create a financial system that is sustainable and open. Our goal is to bring it to all of them, regardless of their age, zip code, or circumstances.

Whether it be optimism or pragmatism, the reality is Bitcoin’s success is still doubtful. Either it will help realize the dream of economic empowerment, or else it risks becoming another wheel on the new economic machine. The choice is ours. We must demand transparency, advocate for policies that promote inclusivity, and resist the temptation to sacrifice freedom for the illusion of security.

Play your cards right, and new stability isn’t a fate unless you let it become one. Let's ensure that Bitcoin remains a force for positive change, a beacon of hope for a more equitable and just world. The price of freedom, as the saying goes, is eternal vigilance. And at this very moment, vigilance is exactly what we’re looking for.

Don't let the new stability be a trap. Let's ensure that Bitcoin remains a force for positive change, a beacon of hope for a more equitable and just world. The price of freedom, as they say, is eternal vigilance. And right now, vigilance is precisely what we need.