• In 2020, Obi Nwosu predicted that Bitcoin would face attacks during the 2018 to 2023 period but would ultimately be successful.
• The Celsius bankruptcy was the first sign that the Bitcoin ecosystem was not healthy, and many exchanges like Coinfloor were too dedicated to regulated Bitcoin land.
• Real Bitcoin is flourishing in the Global South and post-Soviet regions due to new versions of frontier towns, renewable energy, Bitcoin mining, and internet connectivity.
The past few years have been a rollercoaster for Bitcoin, with highs of innovation and adoption followed by lows of speculation and regulation. In 2020, Obi Nwosu, CEO of Fedi and a board member for ₿trust, predicted that Bitcoin would face a series of attacks during the 2018 to 2023 period but would ultimately emerge successful by the end of it. This prediction has been tested many times throughout the past few years, and the events of 2021 have highlighted the diverging realities of Bitcoin: “real” Bitcoin and “regulated” Bitcoin.
The Celsius bankruptcy in July of 2021 was the first sign that the Bitcoin ecosystem was not healthy. In order to understand why this event was so concerning, it is important to remember that Bitcoin was designed to provide monetary freedom and decentralization, and the fact that it was being used to mirror the centralized financial system did not match this vision.
This divergence was further highlighted by the collapse of FTX and the regulatory fallout that followed. Exchanges like Coinfloor were too dedicated to regulated Bitcoin land, and the losses incurred by many innocent people were a painful reminder of this.
On the other hand, real Bitcoin is flourishing in the Global South and post-Soviet regions. Innovations such as new versions of frontier towns, renewable energy, Bitcoin mining, and internet connectivity are addressing the narrative that Bitcoin has no good use cases. This is providing people with access to monetary freedom and creating a new wave of adoption.
Ultimately, the 2018 to 2023 period has been a challenging time for Bitcoin, but it has also shown the potential of real Bitcoin and the promise of a more decentralized future. As Obi Nwosu predicted, Bitcoin will ultimately emerge successful, and the events of the past few years have made this even more likely.