Part 10/12:
Bitcoin was created as an outside-the-system form of money—decentralized, censorship-resistant, and transparent. Yet, once securitized via ETFs and intermediaries like Jane Street, it introduced layers of control, privilege, and potential for abuse, resembling traditional financial markets.
The critical takeaway is less about whether Jane Street is guilty and more about trust and transparency:
If they are manipulating markets, it undermines Bitcoin’s original premise.
The existence of powerful middlemen with unchecked privileges threatens to undermine decentralized ownership.
Investors relying on ETFs and derivatives are exposed to the actions of entities they cannot see or control.