The current Bitcoin market situation, which has failed to maintain its upward trend despite several companies announcing their adoption as a reserve asset, has raised concerns about the existence of what is called 'paper Bitcoin' among custodians. This term refers to Bitcoin units that do not actually exist on the blockchain, but are merely numbers recorded in the custodians' systems.
Despite Bitcoin recently surpassing its all-time high, some believe that companies buying large quantities daily should have significantly pushed the market up. However, some commentators, like the user 'Bitcoin for Freedom', questioned the credibility of these operations, indicating that heavy reliance on custodians might mean the existence of paper Bitcoin.
Ricardo Spagni, the former developer of Monero, also raised similar doubts about Michael Saylor's company (MicroStrategy), pointing out the lack of disclosure regarding the alleged Bitcoin storage addresses. Nevertheless, the 'Arkham' platform later revealed some addresses linked to the company's reserves.
Community members criticized the lack of actual Bitcoin movement despite the announcements, which explains why the price did not rise as expected.
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