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When Pension Funds Buy Bitcoin and Banks Build Stablecoin Rails: The Infrastructure Flip
The Old Men·March 1, 2026
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The Quiet Custody Revolution: Who Actually Holds Bitcoin Now
Bitcoin's decentralization thesis is meeting concentration risk head-on, and the numbers tell a story most people would rather ignore. Coinbase, BlackRock, and MicroStrategy (now Strategy) collectively control millions of BTC. This isn't a bug in the system. It's the inevitable endpoint when in…
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