Supply Shock Bitcoin Needs Innovation, Not Complacency | Jameson Lopp
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Dec 16, 2025 Jameson Lopp, a Bitcoin engineer and privacy advocate, dives into Bitcoin's muted 2025 cycle and the shift of influence from retail to institutional investors. He discusses the evolving landscape of Bitcoin development and governance, highlighting the importance of ongoing innovation. Lopp examines Zcash's resurgence and shares insights on privacy advancements. He warns of risks heading into 2026, emphasizing that complacency could threaten Bitcoin's future, while advocating for continued progress in scalability and privacy improvements.
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Institutions Reshape Cycle Dynamics
- Institutional entrants have changed Bitcoin cycles, producing muted retail FOMO and a slower, grind-like price path.
- Jameson Lopp says institutions may reduce volatility but prolong accumulation over time.
Keep Building Permissionless Layers
- Continue experimenting with permissionless layer‑two innovations despite drama and likely failures.
- Keep iterating until a durable solution accrues real economic value on Bitcoin.
Custody Lowers On‑Chain Demand
- Institutional custody reduced on-chain blockspace demand by siphoning activity off-chain into custodians.
- Lopp worries this undermines long-term fee-driven security unless new L2s pay for blockspace.