The Dilution Playbook
In 1933, Americans were ordered to hand over their gold. By the 1970s, Wall Street diluted gold with paper claims, and the public traded possession for a promise. Today the same playbook is aimed at Bitcoin, through ETFs, custodial lending, regulatory friction, leaked holder lists and the quiet message that self-custody is too risky to bother with. The gap between holding keys and holding a position is the gap between sovereignty and a margin call.
