Julian Hosp, CEO of CakeDeFi, recently suggested on Twitter that many Bitcoin holders may not be as motivated by Bitcoin's mission of financial freedom and decentralization as much as they are by their personal financial gain. He pointed out that users may hide their true motivation, using the term "shitcoin" for anything other than Bitcoin and claiming to support the mission. To further prove his point, he put forth a thought experiment to show Bitcoin holders might not be entirely onboard with the idea of Bitcoin being adopted globally as a reserve currency if they stood to gain nothing from it.

Hosp's point raises the question of just how much Bitcoin holders really care about the purpose and mission behind Bitcoin. It's definitely possible that some are willing to be honest about their primary purpose of hoping to one day earn a profit from Bitcoin. However, there is also the possibility that holders believe in the long-term success of Bitcoin and its philosophy of financial freedom, which is why they hold the asset.

The philosophical debate will continue as Bitcoin and cryptocurrencies gain more mainstream attention. Despite being extremely volatile, Bitcoin has shown it can still act as a store of value and is being adopted by bigger institutions as a means of payment. It's possible that if the price continues to go up, Bitcoin holders will be motivated to do more than just hold the asset and instead be active participants in the mission of financial freedom for everyone. In the meantime, more communication about Bitcoin’s purpose may prove to be fruitful for the asset in the long-term.



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