โ ๏ธ ๐๐ ๐ฃ๐ฎ๐ฝ๐ฒ๐ฟ ๐๐ถ๐๐ฐ๐ผ๐ถ๐ป ๐ฆ๐๐ฝ๐ฝ๐ฟ๐ฒ๐๐๐ถ๐ป๐ด ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ๐? ๐๐ฟ๐ฎ๐ฐ๐๐ถ๐ผ๐ป๐ฎ๐น ๐๐ฒ๐ฎ๐ฟ๐ ๐ฅ๐ฒ๐ฒ๐บ๐ฒ๐ฟ๐ด๐ฒ
Despite positive ETF inflows and big buys from firms like MicroStrategy, Bitcoinโs price has been struggling โ and itโs raising old fears again.
๐งพ Whatโs the Issue?
Some in the community are pointing to a possible โpaper Bitcoinโ problem โ the idea that more Bitcoin is being sold or reported on paper than actually exists on-chain.
This is similar to how banks operate with fractional reserves โ they donโt always hold 100% of the funds they promise.
๐ Why It Matters Now
โ๏ธ Over $1 billion in ETF inflows this week
โ๏ธ MicroStrategy (now Strategy) added more BTC
โ But price didnโt rise โ it even fell
Analysts like Whalepanda argue this could mean some companies are issuing Bitcoin exposure without truly backing it with real BTC.
๐ก๏ธ Pushback From Bitcoin Veterans
Legendary Bitcoiner Adam Back isnโt convinced. He wants proof, not just speculation.
Still, CoinShares raised red flags in a new report, warning that many treasury-holding firms donโt offer on-chain proof of reserves. Thatโs risky.
โIf paper Bitcoin spreads without proper checks, weโre moving away from Bitcoinโs promise of trustless, verifiable ownership,โ CoinShares wrote.
๐งฎ Who Does It Right?
Japanโs Metaplanet was praised for offering some level of on-chain transparency.
But most other Bitcoin treasury firms (including Strategy) donโt show proof of actual BTC holdings on the blockchain.
โ Why This Matters to You
If fake or unbacked Bitcoin is circulating, it could suppress price growth and shake trust.
It also reminds us why Bitcoin was built: to avoid hidden games and promote radical transparency.