For over 15 years, one question has resonated in the cryptocurrency world:
Who controls the price of $BTC ? Whales? Developers who set up its protocol? Or global governments and their economic policies?

In 2025, the answer is more complex than ever. Let's analyze it.

1️⃣ Whales – The Market Drivers

Whales (investors or institutions holding thousands of BTC) remain the most powerful force in the market.

  • More than 1,450 wallets now hold over 1,000 BTC (May 2025).

  • Giants like MicroStrategy and BlackRock control about 6% of the total supply (capitalization of 21 million BTC).

Whales often sell at peaks, causing sharp corrections, and remain quiet before major rebounds, just like in April when Bitcoin reached $110,000.

Conclusion: Whales cannot be ignored: they set the tone during critical market moments.

2️⃣ Developers: Building the future

The Bitcoin protocol rarely changes, but when it does, the impact is massive:

  • SegWit (2017): Lower fees, faster network → price surge.

  • Taproot (2021): Privacy + efficiency → smart applications.

  • Ordinals and BRC-20 (2023-2024): NFT + meme coins → new markets, higher fees.

Outlook for 2025: Updates like Covenants and OP_CAT could unlock smart contracts and programmable payments on Bitcoin!

Developers do not set prices, but build what shapes future demand.

3️⃣ Governments: uncontrolled influence

No state fully controls Bitcoin, but regulations and policies set the tone:

  • ✅ Positive: approval of US ETFs (2024) → influx of billions → BTC above $73K.

  • ❌ Negative: EU restrictions on self-custody wallets → temporary price drop.

  • Macro effect: the Fed's shift towards rate cuts in 2024 → Bitcoin shines as 'digital gold'.

Even in China, despite the bans, demand for over-the-counter (OTC) and overseas transactions thrives. Bitcoin knows no borders.

The truth? Everyone... and no one.

  • Whales move liquidity.

  • Developers shape utility.

  • Governments create the environment.

  • The economy and global sentiment write history.

Bitcoin is not just an asset: it is a living reflection of belief, trust, and global forces.

The price of Bitcoin is a heartbeat: a real-time pulse of everything happening in technology, finance, and society.