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Jacob King: Bitcoin is a centralized asset with controllable code
Jacob King, CEO at WhaleWire, challenges the common perception of Bitcoin as decentralized.
King claims that Bitcoin is actually one of the most centralized assets and that its blockchain code is both mutable and subject to control by coordinated groups. He highlights that changes to the code and blockchain are possible, suggesting the asset is not as immutable or untouchable as often marketed.
King has previously warned of downside risk for Bitcoin, projecting a 65% chance the asset will fall below $50,000 in 2026. Earlier this year, he reported that Strategy posted a record $12 billion unrealized Bitcoin loss after a major sale. These recent remarks add to his ongoing commentary on risks associated with Bitcoin.
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