The author argues against the idea that the surge of institutional bitcoin adoption will lead to the ossification of the Bitcoin protocol. They believe that Bitcoin's permissionless system allows for protocol changes through software upgrades, and miners will likely follow economic incentives to activate upgrades. Even in a scenario where a user-activated soft fork splits the blockchain and institutions prefer the legacy version, it is not clear that the non-upgraded chain would be more valuable. The author questions whether big institutions would be willing to bet everything on the version of the protocol without the upgrade.



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