Bitcoin as Stateless Infrastructure in a Regulated System

The entry of institutional actors has provided legitimacy, liquidity, and operational security. However, it has also introduced fundamental tensions:

· Delegated custody: contradicts the foundational principle of sovereignty over private keys.

· Concentration of custodians: can lead to de facto centralization.

· Potential for censorship: increases the risk of state intervention under legal pressure.

Bitcoin continues to exist as a borderless network, without issuers, without centralized governance.

In BSV, this infrastructure is optimized for real applications like data storage, preserving individual sovereignty in a regulated environment.