The Network Effect of Speculation

The entry of non-technical actors exponentially amplified Bitcoin's visibility. Participants began to include:

• Angel investors

• Retail speculators

• Hedgers against unstable local currencies

• Media outlets that focused their coverage on price rather than technology

This process generated a double tension:

1. Between the foundational vision (autonomy, transparency, decentralization) and its use as a speculative asset.

2. Between the programmatic nature of the protocol (limited issuance, fixed rules) and the unpredictable logic of markets.

Bitcoin, which had been designed as a permissionless medium of exchange, began to be perceived as a high-risk investment instrument.