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Bitcoin ETFs pull crypto into Wall Street, sparking identity crisis over its original decentralized vision

Market News
26 May 2026
Bitcoin
View Source
Neutral
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Meltem Demirors argues that the rise of spot Bitcoin ETFs has caused a crisis in cryptocurrency's identity, shifting it from a decentralized alternative to a tool absorbed by traditional finance. While ETFs have increased institutional access, they have not enhanced Bitcoin's utility, turning it into more of a speculative asset. This shift alienates early supporters who valued crypto's anti-establishment roots, even as some see ETFs as necessary for crypto's growth and mainstream adoption. Meanwhile, in developing countries, Bitcoin and stablecoins continue to serve as vital economic tools, providing value storage and cross-border payment solutions.

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