Why Some Traders Say Bitcoin’s 21 Million Cap Is Being Diluted Off-Chain

A number of X accounts have reignited a long-running debate in bitcoin circles, arguing {that a} single onchain bitcoin now underpins a number of monetary claims throughout exchange-traded funds (ETFs), futures, perpetual swaps, wrapped tokens, and structured merchandise. The argument, typically labeled the “paper bitcoin” principle, attracts direct comparisons to gold’s financialization within the Nineteen Eighties, when derivatives got here to […]



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