Burning Bitcoin

The very moment you buy Bitcoin, you start wondering what you actually own.

And that question has no stable answer.

Bitcoin is neither a currency, nor an inflation hedge, nor an anti-FIAT weapon, nor digital gold, nor a coherent store of value. It is a faith-based digital paper dressed up as an "asset” sold at a premium price not for utility, but for access. Access to a blockchain you barely use, mainly to fund the mining and maintenance required to keep the illusion alive. An illusion relentlessly upheld by an army of online influencers whose survival depends on a single imperative : continuously convert new believers.

That constant need for justification exposes the whole structure. Why do Bitcoin holders feel compelled to push the same scripted posts across every platform, defending their thesis with near-sectarian discipline ? Because it is the only so-called asset whose investors must constantly justify its price. The market won’t do it for them. When an asset is solid, it doesn’t need evangelists. When it’s fragile, it lives on narrative life-support.

Now the core ideology flips inside out. The same people who spent years claiming Bitcoin was an anti-system weapon are suddenly praying that the very system they wanted to escape will crown it as a reserve asset. The revolution has devolved into a plea for institutional validation. The anti-system trade now begs for a stamp of approval.

That approval, when granted, has nothing to do with belief and everything to do with monetization. This is not “Bitcoin integration.” It is the creation of a fresh fee machine. When an $11 trillion asset manager reverses its stance in under a year, it is never about conviction. It is about flows and margins. Access is not endorsement. Wall Street is not embracing digital gold, it is opening another revenue pipeline.

The spectacle turned grotesque when, in a single day, the front row and back row of every major institution rallied in unison — from the SEC to Larry Fink, from Vanguard to Bank of America — in what looked like a last-ditch media rescue operation to save Private Saylor. Bitcoin was supposed to be the way out of the old financial system. Yet bitcoiners now cheer every sign of “integration” as if it were salvation. What was framed as an escape has become a supplication.

Then comes tokenization, marketed as the next revolution. It doesn’t fix Bitcoin’s flaws, it just extends the same monetization logic to everything else. It duplicates the existing system with a parallel one that achieves a single outcome : another fee layer for BlackRock. Innovation has become accounting theatre.

Even the technological foundation is starting to crack. If Bitcoin needs a hard fork to survive the quantum era, then the “digital gold” myth collapses - if it ever truly existed. Gold doesn’t require emergency protocol updates to remain gold. Only fragile systems do. And while Bitcoiners preach destiny, Tether quietly buying gold says everything you need to know.

At this stage, there is nothing left that is truly monetary, technological, or systemic. What remains is belief sustained by fear. Fear of missing the next cycle. Fear of admitting error. Fear that the entire structure implodes if the flow of new entrants slows down.

After all these years, the conclusion writes itself : Bitcoin is premium-priced digital paper, an overpriced entry ticket to a blockchain that never needed the extravagant speculative money built around it. Its so-called utility survives only through a faith driven cult, a miracle that evaporates the moment belief weakens, or worse, the moment you are the one paying for it. And this is what Burning Bitcoin really means : not a collapse driven by markets, but a slow combustion of narrative, fear, and collective self-deception - a fire fuel by belief alone, until there is nothing left to trade but ashes.