Is Crypto Losing Its Soul? Legacy Look: Looking Back to Look Forward | George Kikvadze, Bruce Fenton

*“When institutions flood in, do we gain strength... or lose the cypherpunk soul?”* In this BBW2025 fireside, Bitfury co‑founder George Kikvadze and OG investor Bruce Fenton look back to look forward: from Bitcoin’s libertarian roots to today’s institutional wave, the “paper Bitcoin” debate, and why decentralization still matters most — for money, for AI, and for building a freer world. George reflects on what changed (and what didn’t): the speed of institutional capital, Bitcoin’s store‑of‑value vs. cash debate, and the need for Bitcoin to anchor broader ecosystems. Bruce argues that centralized vehicles miss the point — sovereignty requires holding real Bitcoin, not claims — and calls for building on the most secure chain. The pair also unveil George’s mission‑driven $1B fund and its first major bet: “Gonka,” a decentralized AI network harnessing global GPUs (and eventually ASICs) for inference — with miners joining to distribute compute and avoid centralized chokepoints. *In this panel, George Kikvadze and Bruce Fenton cover:* ✅ Then vs. now: institutionalization at unprecedented scale — and the tradeoffs with cypherpunk values ✅ Sovereignty first: why “paper Bitcoin” isn’t Bitcoin — and why centralized wrappers are an attack vector ✅ Money vs. store of value: scarcity, blocksize wars, and the path for cash‑like Bitcoin via Lightning ✅ Security matters: why building on the most secure chain (Bitcoin) reduces existential risk for projects ✅ Decentralized AI: Gonka’s proof‑of‑work approach, miners providing inference, and plans to scale from GPUs to ASICs ✅ Community signals: Erik Voorhees and others aligning on decentralized front‑ends and POW‑backed AI ✅ Values that endure: fix the money, fix the world — decentralization as defense against concentrated power ✅ OG milestones: George’s new book of industry stories and the Satoshi Roundtable’s long‑running builder forum ✅ Final moment: “Be perseverant — hang around the barbershop long enough, you’ll get a haircut” *⏱️ Timestamps:* ⏳ 00:00 – Introduction ⏳ 00:47 – What changed in 12 years? Institutionalization: scale, speed, and unexpected consequences ⏳ 01:40 – Crypto: Losing cypherpunk roots to the banked future ⏳ 04:05 – “Paper Bitcoin” critique: is Bitcoin more a "store of value" than "money" now? ⏳ 05:51 – Bitcoin as an "anchoring" blockchain for other blockchains ⏳ 07:00 – George's Projects in Focus: Decentralised AI ⏳ 09:42 – Bruce's Focus on decentralisation and the point of this crypto space ⏳ 12:19 – "Let's bring more people with the same values of decentralisation as us!" ⏳ 13:41 – George’s book release and Satoshi Roundtable invite ⏳ 14:52 – Closing: perseverance, mission, and building the next decade #binanceblockchainweek #bitcoin #binance #decentralization #decentralizedfinance #crypto2026 #bbw2025 *⚠️ RISK WARNING:* Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. It is your responsibility to ascertain whether you are permitted to use the services of Binance based on your individual circumstances. Not financial advice. For more information, see our Terms of Use and Risk Warning. *📢 Join the conversation:* ➡️ Twitter/X: https://twitter.com/binance ➡️ Instagram: https://www.instagram.com/binance ➡️ Facebook: https://www.facebook.com/binance ➡️ TikTok: https://www.tiktok.com/@binance ➡️ LinkedIn: https://www.din.com/company/binance ➡️ Reddit: https://www.reddit.com/r/binance *🔗 Download Binance here (iOS, Android):* https://binance.onelink.me/y874/cb98de36 *🔗 Sign up for Binance here:* https://www.binance.com/en?ref=ERQKP7ND&utm_source=BinanceYoutube&utm_medium=GlobalSocial&utm_campaign=GlobalSocial