Bitcoin vs. Crypto: Why Only Bitcoin Will Succeed

There’s a lot of noise in the digital asset space today, with terms like "crypto," "Web3," and "blockchain technology" being thrown around loosely, often without much understanding of the underlying principles. It’s easy to get caught up in the excitement, but it’s important to recognise that not all digital assets are created equal. Bitcoin stands apart from the rest of what is collectively called “crypto,” and the distinction is critical.

Bitcoin is an emerging asset class with a fixed issuance, designed to serve as a decentralised store of value. Its robustness, security, and unique monetary policy make it a legitimate portfolio diversifier, especially as a hedge against traditional financial system risks. Over time, I expect it to capture a growing share of the store-of-value market, much like gold has in the past.

However, the broader “crypto” industry is filled with opportunists and grifters, building projects and tokens that often lack the integrity, transparency, or long-term vision of Bitcoin. These projects rely heavily on marketing buzzwords—"blockchain technology," "Web3," "DeFi"—to attract capital, often without offering real solutions to meaningful problems. The goal of many of these ventures is short-term profit for insiders and early investors, often at the expense of uninformed retail buyers who get caught up in the hype.

I’m writing this because I’ve seen too many people confuse Bitcoin with these other "crypto" projects, or worse, fall into the trap of thinking they are all the same. They’re not. Bitcoin is unique, and its fundamentals set it apart from everything else in the digital asset space. To conflate it with the wider “crypto” ecosystem is a disservice to those trying to understand its real potential.

This article will unpack why Bitcoin deserves serious consideration as an asset class and why the rest of the "crypto" space is not just different, but in many cases fundamentally flawed. Let’s clear the confusion once and for all.

Bitcoin: A Legitimate Portfolio Asset

Bitcoin is not just another speculative “crypto” token; it is a legitimate asset with the potential to transform how we think about money and store value. Unlike traditional investments that are tied to the performance of a particular company, government, or central authority, Bitcoin is decentralised and operates independently of the traditional financial system. Its scarcity—fixed at 21 million coins (in actual fact, the maximum issuance is 20,999,999.99755530 BTC!) —creates a supply and demand dynamic that underpins its value, making it a unique asset in today’s financial landscape.

As a portfolio asset, Bitcoin’s strengths lie in its ability to diversify risk. It operates on its own set of principles, outside the influences that drive conventional assets like stocks, bonds, or fiat currencies. This means it can act as a hedge against inflation, monetary debasement, and even financial crises, offering protection in scenarios where other asset classes may falter.

Admittedly, Bitcoin is volatile in the short term. Its price swings can be significant, and those unprepared for this can find it unnerving. However, when viewed from a medium to long-term perspective, Bitcoin’s track record has been one of growth and increasing adoption. Early adopters understood this and have seen its price appreciate as awareness and acceptance have grown. While the journey can be turbulent, many investors, including myself, see it as an emerging store of value asset that will continue to mature over time.

Bitcoin also benefits from its network effects. The more people who use and trust the network, the more secure and valuable it becomes. This self-reinforcing dynamic is a major reason for my confidence in Bitcoin’s long-term prospects. It’s not just a passion of mine—having spent nearly as long studying Bitcoin as I have in financial advice, I’ve come to understand that its combination of decentralisation, scarcity, and security sets it apart as a unique and valuable addition to any portfolio.

In a world where traditional monetary systems are increasingly strained, Bitcoin offers something radically different: a monetary asset that is decentralised, transparent, and immune to inflationary policies. This makes it a key consideration for anyone looking to protect their wealth over the long term.

The Problem with "Crypto" – Pump-and-Dump Schemes and Meme Coins

While Bitcoin has established itself as a legitimate and decentralised store of value, the rest of the "crypto" space tells a very different story. Many of these so-called "crypto" projects are built on hype, opportunism, and, in many cases, outright deception. The fundamental difference between Bitcoin and these other projects is that Bitcoin was created with a long-term vision and a clear purpose, while much of the rest of the crypto market is driven by short-term profit-seeking behaviour, often at the expense of retail investors.

One of the biggest issues in the broader crypto space is the phenomenon of pre-mines and insider advantages. Many crypto projects create tokens that are distributed heavily to founders, venture capitalists, and insiders before being made available to the public. This means those insiders can pump up the price in the early stages, creating a frenzy of excitement and speculation. Once the price reaches a certain point, they begin to sell off their holdings for substantial profits, leaving ordinary investors—who bought into the hype—holding worthless tokens. This is why many crypto price charts take the same shape: a sharp rise followed by a steep fall. It's a classic "pump and dump" scheme, and unfortunately, it's a story that has been repeated across countless projects.

Beyond these pre-mined tokens, we also see the rise of meme coins, which are perhaps the purest form of gambling in the crypto space. These are projects that openly admit they have no real value, no underlying utility, and exist purely as a joke. While the humour may be appealing to some, the reality is that these coins are essentially speculative bets with little to no chance of long-term survival. They’re driven by internet culture, with prices skyrocketing based on memes or social media trends, only to crash just as quickly. It's a high-stakes game of chance, and many people who get involved find themselves with significant losses once the bubble inevitably bursts.

These pump-and-dump schemes and meme coins exemplify the problems that plague the broader "crypto" industry. While they might generate short-term excitement, they offer no real value or innovation. Worse still, they detract from the serious potential that Bitcoin represents by associating the entire space with reckless speculation and scams.

The key takeaway here is that Bitcoin is fundamentally different. It wasn’t pre-mined, and there’s no insider group controlling its issuance. It’s a decentralised, transparent system with a fixed supply, and its value is driven by its utility as a monetary asset, not by marketing or hype. Meanwhile, many of the so-called "crypto" projects are designed with the sole purpose of enriching a small group of insiders, leaving the rest of the market to gamble on the scraps.

In summary, Bitcoin’s legitimacy is rooted in its fundamentals, whereas much of the "crypto" market is riddled with speculative gambles, pump-and-dump schemes, and meme coins that ultimately provide no long-term value.

Marketing Myths and Criticisms of Bitcoin

One of the most common criticisms aimed at Bitcoin is that it is “outdated” or, as some like to call it, “The MySpace of crypto.” These claims are often made by new projects attempting to position themselves as superior alternatives. However, what many people fail to realise is that Bitcoin’s design is both intentional and resilient. It’s not outdated; it’s proven. These criticisms usually come from projects that need to invent a problem to solve in order to differentiate themselves and justify their existence. And often, these problems are fabricated purely for marketing purposes, rather than based on any real technological shortcoming.

The reality is that Bitcoin solved one of the most fundamental challenges in the digital age: the creation of digital scarcity. It was only possible once to create true digital scarcity—a monetary system where there is a finite supply and no one can create more out of thin air. Once Bitcoin achieved this, any attempt to create another digital currency either has to copy Bitcoin exactly (in which case, the project fails because Bitcoin already exists), or it has to make changes to Bitcoin’s design to be "different." But with every change, you sacrifice one or more of Bitcoin’s core strengths, such as decentralisation, security, or immutability, and the project dies because it simply isn’t as good.

This is why we see so many new crypto projects trying to market themselves as faster, more scalable, or more innovative. In reality, they often sacrifice key principles like decentralisation to achieve these so-called improvements. A common example is the claim that Bitcoin is “too slow” compared to newer cryptos. What these claims often ignore is that Bitcoin prioritises decentralisation and security on its base layer, which is why its layer 1 protocol focuses on being resilient and secure over being fast. Bitcoin’s speed for smaller transactions is solved through layer 2 solutions like the Lightning Network, which is already proving to be highly effective in making Bitcoin scalable for micropayments without compromising its core features.

Many new crypto projects are funded by venture capital (VC) money, and these VCs need to see a return on their investment, so they pump marketing dollars into creating hype and generating buzz. They often need to invent a problem to solve or claim that Bitcoin is somehow lacking to justify their existence. But these marketing narratives are driven by the short-term need to profit, not by a genuine technological advancement. The goal is typically to push the price up so that insiders and early investors can exit with profits before the inevitable collapse.

Bitcoin doesn’t need a marketing team. Its value is derived from its decentralisation, security, and the network effect of millions of users worldwide. The more people who adopt and use Bitcoin, the stronger it becomes. Unlike many new projects, Bitcoin doesn’t have a CEO, foundation, or central authority deciding its future—it is governed by consensus among its users, and this is exactly why it has remained resilient in the face of constant criticism.

In summary, the criticisms of Bitcoin being outdated or slow are not based on its actual strengths or long-term potential. They are marketing tactics used by new projects that either recreate Bitcoin poorly or sacrifice key principles to seem innovative. The truth is that Bitcoin remains the only truly decentralised, secure, and scarce digital asset—and no amount of marketing can replicate that.

The Blockchain Trilemma: Bitcoin’s Solution

One of the key challenges in blockchain technology is the Blockchain Trilemma—the difficulty in achieving security, decentralisation, and scalability all at once. Many crypto projects end up sacrificing one or more of these elements in an attempt to solve the trilemma. However, Bitcoin takes a unique approach by optimising for decentralisation and security at its base layer, addressing scalability separately while preserving its fundamental strengths.

Decentralisation and Security: Bitcoin’s Core Strengths

Bitcoin’s decentralisation is a cornerstone of its value. It achieves this by maintaining small block sizes, ensuring that anyone can participate in the network by running a full Bitcoin node without needing large amounts of memory or expensive hardware. This accessibility is critical to keeping the network decentralised, as it allows thousands of independent nodes around the world to verify transactions, ensuring no central authority controls the network.

Bitcoin’s Proof of Work (PoW) mechanism is equally vital to its security. Unlike other systems that rely on centralised decision-making, Bitcoin miners contribute energy and computational power by guessing solutions to cryptographic puzzles, not by solving complex problems as it’s often misrepresented. This randomness ensures fairness in the network, and the requirement for miners to expend real-world resources (electricity and computing power) makes it prohibitively expensive for any single entity to attack or manipulate the system.

The result is a network that is both highly secure and decentralised, with no single point of failure. This robust, trustless system is what makes Bitcoin so attractive as a store of value. It doesn’t rely on a small group of insiders or founders, unlike many other crypto projects, which are often vulnerable to manipulation.

Store of Value: The Primary Use Case

For many investors, including myself as a wealth manager, Bitcoin’s most important use case is as a store of value. This is what will drive widespread adoption in the near term, far more than its ability to be used for everyday transactions. In a world where central banks continue to print money, debasing traditional currencies, Bitcoin’s fixed supply makes it a unique hedge against inflation and monetary instability. Its decentralised nature adds a further layer of protection, as it cannot be easily manipulated or seized by governments or institutions.

While scalability is a long-term concern for enabling day-to-day use (such as buying coffee with Bitcoin), it is not the most pressing issue today. What matters most is Bitcoin’s ability to store wealth securely and independently of any government or financial system. This function is especially important in times of economic uncertainty, where traditional assets may lose value or become vulnerable to market shocks.

Layer 2 Solutions: Addressing Scalability Without Sacrificing Security

That said, Bitcoin’s layered approach to scalability ensures that when the time comes for broader transactional use, it will be ready. Layer 2 solutions like the Lightning Network provide the means for fast, cheap transactions, while the base layer maintains its focus on security and decentralisation. This allows Bitcoin to evolve with growing adoption, without compromising its core principles.

However, for now, it’s the store of value aspect that will continue to drive Bitcoin’s growth. As more individuals and institutions recognise Bitcoin’s potential to protect wealth from inflation and monetary debasement, its adoption will accelerate. The scalability issue, while important, is secondary to Bitcoin’s role as the first truly decentralised digital asset capable of preserving value over time.

Bitcoin’s Long-Term Approach

Bitcoin’s deliberate focus on security and decentralisation, with scalability addressed through secondary layers, ensures that it remains resilient and functional as adoption grows. Unlike many other crypto projects that sacrifice decentralisation or security to achieve quick gains, Bitcoin takes the long view. It is a store of value first, and that is the use case that will continue to attract investors.

In conclusion, Bitcoin’s strength lies in its design as a secure, decentralised store of value. While scalability is being addressed, it’s the preservation of wealth that makes Bitcoin truly valuable today. Other projects may claim to offer better scalability or faster transactions, but none provide the same combination of security, decentralisation, and long-term value that Bitcoin offers.

DINO – Decentralised In Name Only

One of the most frequent marketing claims made by crypto projects is that they are "decentralised." However, in many cases, this claim falls apart under scrutiny. These projects are often what I call DINO—Decentralised In Name Only. A truly decentralised system has no central authority, no CEO, no foundation, and no group of people that can make decisions for the network. But if a project has any of these, it cannot be considered decentralised in any meaningful sense, regardless of how much they push the narrative.

Many crypto projects have centralised decision-making structures. These can take the form of a foundation that oversees development, a board of directors, or even a CEO who serves as the public face and key decision-maker for the project. When decisions about network upgrades, token issuance, or governance are made by a small group of people, it fundamentally undermines the concept of decentralisation. These projects may claim to have distributed technology, but their governance structures remain concentrated, leaving them vulnerable to manipulation or failure, as power is concentrated in the hands of a few.

In contrast, Bitcoin has no CEO, no central foundation, and no core group that dictates the direction of the network. Decisions are made by consensus, and changes to the network can only happen if a majority of users—specifically, the global network of independent nodes—agree. This ensures that no one person or entity has control over Bitcoin, making it the most decentralised blockchain in existence. Its decentralisation is genuine, not just a marketing term.

One common criticism of Bitcoin is that it is supposedly controlled by a few key parties, such as large mining pools or influential players like Blockstream. This is a misunderstanding. While mining pools do play a role in the mining process, they do not control Bitcoin. A mining pool is simply a facility where individual miners combine their hashing power to generate rewards more consistently. Each participant in a mining pool still retains control over their own hardware and can leave the pool or join another at any time. Mining pools do not dictate network decisions—they only help miners work together to share rewards more evenly.

Furthermore, the real power in the Bitcoin network lies not with miners, but with the network of nodes. Every Bitcoin node independently verifies the validity of blocks and transactions. If a mining pool or any major entity attempted to change the rules or act maliciously, the nodes would reject those blocks, rendering the attack useless. This network of independent nodes is what ensures that Bitcoin remains decentralised, and no single entity can exert control over the system.

In many so-called "decentralised" crypto projects, the nodes and decision-making are concentrated in the hands of a few. This allows a small group of insiders or powerful stakeholders to exert significant influence over the network’s future. Bitcoin avoids this by ensuring that participation in the network—whether as a miner or node operator—is open and accessible to anyone, anywhere, without needing permission from any authority.

Ultimately, Bitcoin is the only truly decentralised network in the crypto space, with a structure designed to resist centralisation of power. The notion that it is controlled by a few large players is simply incorrect, and those claims are often made by people who do not fully understand the nature of mining pools or the role of nodes in maintaining network integrity.

The Proof of Work vs. Proof of Stake Debate

The debate between Proof of Work (PoW) and Proof of Stake (PoS) is one of the most significant discussions in the crypto space. Bitcoin’s Proof of Work mechanism, while often criticised for its energy usage, remains the most secure and fair method for validating blocks and ensuring the integrity of the blockchain. On the other hand, Proof of Stake, adopted by many newer crypto projects, is often promoted as a more energy-efficient alternative. However, it comes with significant trade-offs that compromise decentralisation and security, which are crucial to the long-term viability of a monetary network.

Why Proof of Work?

Proof of Work is the foundation of Bitcoin’s security model. In PoW, miners compete by guessing solutions to cryptographic puzzles, expending real-world resources (energy and computational power) to secure the network. This ensures that only those willing to put in the work and energy can participate in the block validation process. The costliness of this process makes it extremely difficult for any one entity to attack or manipulate the network. It aligns incentives in such a way that the only profitable strategy for miners is to play by the rules and honestly validate transactions.

Critics of PoW often focus on its energy consumption, but what they fail to acknowledge is that this energy usage is fundamental to ensuring the network’s security. The energy expended in mining makes it nearly impossible for any malicious actor to rewrite the blockchain or carry out a 51% attack, as the cost to do so would be astronomical. In this way, PoW creates a highly secure and resilient system that cannot be easily controlled or compromised.

In contrast, Proof of Stake operates on an entirely different model, where block validation rights are granted to those who hold the most tokens. In this system, the more tokens you own, the more power you have over the network. This approach replicates the traditional financial system, where the wealthiest individuals or entities hold the most influence. Rather than solving the centralisation problem that blockchain technology was meant to address, PoS exacerbates it by giving control to the wealthiest participants. This structure undermines fairness and decentralisation, which are at the core of Bitcoin’s design.

Incentivising Centralisation in Proof of Stake

One of the key flaws of Proof of Stake is that it incentivises centralisation. In a PoS system, the largest stakeholders can use their existing tokens to earn more tokens, perpetuating their dominance over the network. This creates a feedback loop where those with the most capital continue to grow their control, reducing the chances of a truly decentralised network. Furthermore, PoS does not require participants to expend real-world resources, making it easier for a small group of wealthy actors to coordinate and dominate the decision-making process.

In contrast, Bitcoin’s PoW system ensures that decentralisation is maintained by requiring miners to expend real-world resources (energy) in order to participate. This ensures that control over the network cannot simply be bought or inherited but must be earned through work and competition.

Bitcoin’s Environmental Impact and Energy Use

While Proof of Work’s energy use is often criticised, it’s important to understand the positive environmental impact of Bitcoin mining. As of now, over 50% of Bitcoin’s energy comes from renewable sources, and this percentage is growing over time. Bitcoin miners are increasingly turning to renewable energy options because they are often the cheapest sources available. Additionally, Bitcoin incentivises the use of stranded energy—energy that would otherwise go to waste because it cannot be efficiently transported to where it’s needed.

Bitcoin mining also has environmental benefits through the use of flared gas—gas that would otherwise be burned off and wasted in oil production. By capturing this energy for Bitcoin mining, it prevents harmful emissions from simply being released into the atmosphere.

Moreover, Bitcoin mining can actually help with load management in energy grids. Miners can be turned off at short notice during periods of high demand, providing flexibility to the grid. Conversely, during times of low demand, Bitcoin mining can absorb excess energy that would otherwise go unused. This helps stabilise energy grids and supports the wider use of renewable energy by balancing supply and demand more efficiently. In this way, Bitcoin can actually be a net positive for the environment, contrary to popular belief.

The Bottom Line: Proof of Work’s Long-Term Viability

While PoS may appear attractive due to its lower energy consumption, the trade-offs it makes in terms of security and decentralisation are significant. PoS systems tend to concentrate power among the wealthiest participants, undermining the very principles of decentralisation that blockchain technology seeks to uphold. Meanwhile, PoW ensures a more decentralised, secure, and fair network by requiring real-world resources and competition to secure the blockchain.

Bitcoin’s PoW system, combined with its increasing use of renewable energy and its positive impact on energy grids, makes it not only a secure network but also a solution with environmental benefits that are often overlooked. It remains the best model for ensuring the integrity and decentralisation of a global monetary network, despite the noise surrounding energy consumption.

Common Criticisms of Bitcoin – Addressing the Misconceptions

Bitcoin has been subject to various criticisms over the years, many of which stem from misunderstandings or incomplete knowledge of how the network operates. These misconceptions are often repeated in media narratives and by critics who have not studied Bitcoin in depth. In this section, I’ll address some of the most common criticisms and explain why they are either overstated or fundamentally flawed.

Energy Use

One of the most frequent criticisms of Bitcoin is that its Proof of Work mechanism consumes too much energy. As discussed earlier, Bitcoin’s energy usage is essential to its security, but it’s also important to recognise that Bitcoin is becoming increasingly environmentally sustainable. Over 50% of Bitcoin’s energy now comes from renewable sources, and this number continues to grow as miners seek out the cheapest energy options, which often turn out to be renewables like solar, wind, or hydroelectric power.

Moreover, Bitcoin mining helps reduce energy waste by capturing stranded energy—energy that would otherwise be wasted because it cannot be transported or stored. The use of flared gas in oil production, which would otherwise be released into the atmosphere, is another example of how Bitcoin mining can have a positive environmental impact. Additionally, Bitcoin miners provide load management for energy grids by absorbing excess energy during low demand and turning off during peak demand periods. These factors make Bitcoin’s environmental footprint far more nuanced than the simplistic narrative of “too much energy.”

Volatility

Bitcoin is often criticised for its price volatility, with critics pointing to its frequent price swings as evidence that it cannot be a stable store of value. While Bitcoin’s price can indeed be volatile in the short term, this volatility has decreased over time as adoption has grown, and its role as a store of value has strengthened.

It’s useful to compare Bitcoin’s current volatility to the early stages of gold being used as a store of value in the 1970s, after the gold standard was abandoned. During this period, gold experienced significant price swings as it found its place as a store of value in the modern financial system. Similarly, Bitcoin is an emerging asset, and as it continues to mature and become more widely adopted, its volatility is expected to decrease further. Despite short-term fluctuations, Bitcoin’s long-term upward trajectory has been clear, reflecting its increasing adoption and recognition as a store of value.

Criminal Use

Another common misconception is that Bitcoin is predominantly used by criminals for illegal transactions. While Bitcoin has been used in some illicit activities, this is true of any financial system, including traditional currencies like the US dollar. In fact, a report by Chainalysis found that illicit transactions only account for a small fraction of Bitcoin’s overall usage, less than 1%.

Bitcoin’s public ledger actually makes it less appealing for criminals in the long run. All transactions are recorded on the blockchain, meaning that with the right forensic tools, authorities can trace and link transactions back to individuals far more easily than with cash. Traditional financial systems, with their opacity and private ledgers, are still the preferred medium for large-scale criminal enterprises.

Government Bans

There are also concerns that governments may attempt to ban Bitcoin, rendering it useless or unviable. While some governments have imposed restrictions on Bitcoin (such as China’s mining ban), outright bans are difficult to enforce, particularly in decentralised systems like Bitcoin. Even in regions where restrictions are in place, Bitcoin continues to be traded and used because of its permissionless, decentralised nature.

More importantly, many forward-looking governments are embracing Bitcoin as a legitimate asset. Countries such as El Salvador have even adopted it as legal tender, and major financial institutions worldwide are beginning to offer Bitcoin investment products. The reality is that outright bans are unlikely to succeed in the long term, and governments that understand Bitcoin’s potential are more likely to regulate and integrate it into their financial systems.

Deflationary Economy

Some critics argue that Bitcoin’s fixed supply and deflationary nature (as its purchasing power increases over time) will lead to economic stagnation, as people will hoard Bitcoin rather than spend it. This idea stems from traditional Keynesian economic principles, which posit that deflation is harmful because it discourages spending and investment. However, this argument misses the mark, particularly when considering alternative economic schools of thought.

The Austrian School of Economics, which emphasises the importance of savings and sound money, offers a different perspective. Austrian economists such as Ludwig von Mises, Friedrich Hayek, and Murray Rothbard argue that deflation is not inherently harmful and can actually lead to more sustainable economic growth. In their view, people save money when they expect it to increase in value over time, and this saving leads to more prudent investment decisions and a healthier economy overall. In this context, Bitcoin’s deflationary nature is not a bug, but a feature that encourages responsible financial planning and wealth preservation.

Bitcoin is primarily an asset people buy to preserve and grow their wealth over time. Its limited supply ensures that it cannot be inflated away like traditional currencies, which are subject to the whims of central banks and governments. Critics of Bitcoin’s deflationary nature are often unknowingly influenced by Keynesian principles, whereas the Austrian school offers a more robust framework for understanding the benefits of deflation in the context of sound money.

Quantum Computing

There is also a fear that quantum computing will one day break Bitcoin’s cryptography, rendering it insecure. While quantum computers do pose a theoretical threat to current cryptographic systems, the technology is still in its early stages, and experts agree that it will be decades before quantum computers are powerful enough to break Bitcoin’s cryptographic algorithms.

Even if quantum computing does advance to this stage, Bitcoin’s decentralised and open-source nature means that it can upgrade its cryptographic systems in response. Bitcoin’s development community is already aware of this potential threat and is working on solutions, making it unlikely that quantum computing will render Bitcoin obsolete.

The Bottom Line on Bitcoin’s Criticisms

While Bitcoin has faced many criticisms, most of these arguments are based on misunderstandings or short-term thinking. Whether it’s concerns about energy use, volatility, criminal activity, or government intervention, these issues have been thoroughly debunked or are being actively addressed. Bitcoin remains the most secure, decentralised, and resilient monetary network in existence, and its long-term potential far outweighs these criticisms.

Genuine Criticisms of Bitcoin

While I believe in Bitcoin’s long-term potential as a store of value, it’s important to acknowledge that Bitcoin is not perfect. There are real, nuanced criticisms of the asset and network that deserve attention. Addressing these genuine concerns is key to understanding where Bitcoin currently stands and how it can continue to evolve.

Self-Custody and User Responsibility

One of the major criticisms of Bitcoin, particularly for those new to the space, is the challenge of self-custody. Bitcoin allows users to hold their wealth independently, without relying on intermediaries like banks. However, this also means that individuals are responsible for securing their own Bitcoin, which comes with a significant risk of loss if private keys are misplaced, forgotten, or stolen. Unlike traditional assets, where there are institutions to help recover lost funds, with Bitcoin, the responsibility falls entirely on the individual.

This can be daunting for many users and represents a barrier to broader adoption. We need to focus on making self-custody easier and less risky through better tools and user-friendly solutions. While hardware wallets, multi-signature setups, and other technologies have made self-custody more secure, the overall user experience still has room for improvement. People are often scared by the prospect of losing access to their Bitcoin permanently, and this fear can prevent them from engaging with the asset.

That said, the decentralised network of Bitcoin developers is actively working on these issues. The Bitcoin development community is comprised of some of the most talented and dedicated individuals in the world, and I have confidence that they will continue to create tools that make Bitcoin safer and easier to manage for all users. As these solutions improve over time, the barriers to entry for new users will lower, and self-custody will become less intimidating.

Volatility: A Risk and a Strength

Another genuine concern is volatility. Bitcoin’s price can fluctuate dramatically over short periods, which can be a source of anxiety for investors used to more stable assets. This volatility has been a defining characteristic of Bitcoin since its inception, and it has led some to question whether it can ever truly serve as a stable store of value.

However, it’s important to recognise that this volatility is also what has driven Bitcoin’s outsized gains over the years. In its early stages of adoption, Bitcoin’s price discovery is still ongoing, and while volatility can be seen as a risk, it is also a sign of an emerging asset class. Investors willing to embrace the volatility have seen significant returns as Bitcoin’s value has appreciated over time.

Fortunately, as Bitcoin matures and adoption grows, volatility is decreasing. I expect this trend to continue as more institutions and long-term investors enter the market, contributing to a more stable price over time. While volatility remains a risk in the short term, it is also a strength that has enabled Bitcoin to deliver exceptional returns, and it will likely smooth out as Bitcoin becomes more widely accepted.

Continuous Improvement and Developer Talent

One of the greatest strengths of Bitcoin is its decentralised development process. Unlike traditional financial systems or other cryptocurrencies, Bitcoin’s development is carried out by a global network of independent contributors, not by a centralised foundation or company. These developers are some of the most talented minds in the world, and they are deeply committed to improving Bitcoin over time.

Bitcoin’s open-source nature means that any weaknesses or areas for improvement are continuously reviewed, debated, and refined by this community. If there are flaws—whether in scalability, user experience, or security—Bitcoin’s decentralised network of developers will work tirelessly to address them. The beauty of this model is that no one person or organisation has control over Bitcoin’s future; it evolves through consensus and collaboration, ensuring that improvements are made for the benefit of the entire network.

The Long-Term Outlook

While there are valid criticisms of Bitcoin, these are not insurmountable challenges. The risks associated with self-custody and volatility are being actively addressed, and as Bitcoin continues to mature, these concerns will diminish. With its decentralised development process and an engaged, highly skilled community of contributors, Bitcoin is positioned to overcome its weaknesses over time.

Bitcoin’s strengths—its decentralisation, security, and store of value potential—far outweigh its current limitations. As it continues to evolve, it will become even more robust and user-friendly, further cementing its place as a valuable asset in the global financial system.

Conclusion: Why Bitcoin, Not "Crypto," Will Succeed

In closing, it’s important to reiterate the distinction between Bitcoin and the broader "crypto" space. While there are countless projects claiming to offer something new or innovative, very few, if any, come close to Bitcoin in terms of decentralisation, security, and long-term potential as a store of value. Bitcoin is unique, and its fundamental strengths—such as its fixed supply, robust security through Proof of Work, and truly decentralised governance—make it the only digital asset that can stand the test of time.

The rest of the crypto space, often marketed under buzzwords like "Web3," "Blockchain Technology," or simply "crypto," is full of projects that I believe are fundamentally flawed. If you encounter these terms, it’s crucial to remain cynical about the claims that usually follow. In my opinion, if it’s not Bitcoin, it’s likely a scam, in one way or another. Many of these projects rely on hype, insider advantages, and unsustainable economic models that eventually collapse, leaving retail investors holding the bag.

Bitcoin has proven its resilience over more than a decade, surviving market cycles, regulatory pressures, and countless attempts to dethrone it. Unlike other projects that fade into obscurity or crash when their marketing fades, Bitcoin’s decentralisation and strong fundamentals keep it thriving. It doesn’t rely on a CEO, foundation, or any central group of insiders to steer its course. Instead, Bitcoin’s future is in the hands of its global network of users, developers, and miners—ensuring that it remains secure, resilient, and beyond the reach of manipulation.

As a wealth manager, I believe that Bitcoin’s store of value use case will be the driving force behind its continued growth and adoption. While many other projects claim to solve scalability or transaction issues, they often compromise on the core values of decentralisation and security, making them unsustainable in the long run. Bitcoin, on the other hand, remains true to its original mission of offering a decentralised, censorship-resistant, and inflation-proof form of money.

In conclusion, while the world of “crypto” may be full of noise, Bitcoin stands apart. It has already begun reshaping the financial landscape, and its role will only grow in importance over time. For those looking to protect their wealth in an increasingly uncertain economic environment, Bitcoin is the only digital asset that offers the security and decentralisation needed for long-term value preservation.

I encourage you to take a closer, informed look at Bitcoin—not as a speculative asset, but as a legitimate store of value that has the potential to fundamentally change how we think about money and investment in the digital age.