Michael Dunworth sees a trap forming. As public companies pile into Bitcoin, they’re legally required to use regulated custodians like Coinbase. This concentrates an estimated 30% of corporate-held coins into a few vulnerable silos - a red carpet for government seizure during a crisis.
The irony is stark: balance sheet strength today could mean systemic fragility tomorrow. Dunworth argues this trend undermines Bitcoin’s core promise of self-sovereignty. "We are trading long-term network immunity for short-term appreciation," he warns on What Bitcoin Did.
"If a nation-state faces a financial crisis, they won't need to hunt down millions of individual wallets. They only need to target the few custodians."
- Michael Dunworth, What Bitcoin Did
Meanwhile, AI is reshaping energy hierarchies. Dunworth notes that forty of the top 200 ASX-listed firms are pivoting to AI infrastructure. When rationing hits, regulators will treat AI data centers as essential - and Bitcoin mining as expendable.
Yet this threat has a silver lining. As giants like IREN shift capital from mining to AI, their grip on the hash rate loosens. The forced exodus could decentralize mining by breaking up industrial-scale operations now dominating the network.
On TFTC, Matthew Mežinskis adds a macro lens: Bitcoin isn’t growing like a stock - it’s growing like a network, following a power law. For every 13% increase in Bitcoin’s lifespan, its price doubles. Gold, by contrast, compounds at 5.3% annually. Bitcoin’s curve dominates.
"The legacy system's need for infinite expansion hits the wall of Bitcoin’s finite reality."
- Matthew Mežinskis, TFTC
Bitcoin already settles 373 million transactions a year - more than Fedwire’s 219 million. The bottleneck isn’t utility; it’s purchasing power. At $25 trillion in annual volume versus Fedwire’s $1.1 quadrillion, the gap closes as price rises.
Mežinskis projects a collision between 2035 and 2040: while stock markets accelerate on central bank stimulus, Bitcoin’s growth slows toward stability. This singularity will force a global monetary reset - not by policy, but by math.

