“Bitcoiners Only Care About Price Go Up” Says CakeDeFi CEO

coinedition.com 26 m    Reading time: ~2 m

CakeDeFi CEO Julian Hosp took to Twitter to suggest that many Bitcoiners who claim to support Bitcoin’s mission of decentralization and financial freedom are actually more concerned with their personal financial gain.

Because deep inside, Bitcoiners don’t care about the mission, they just care about “price go up” like everyone else, but they hide that behind a fake mission and by calling everything else “shitcoin”.
Simple thought experiment: Would you be ok for Bitcoin to be the global world… https://t.co/DxaphM2YwJ

— Dr. Julian Hosp (@julianhosp) April 6, 2023

Hosp was seen responding to ScopeLift founder Ben DiFrancesco’s reaction to MicroStrategy’s announcement of owning 1 out of every 150 Bitcoin that will ever exist. Interestingly, DiFrancesco belittles Microstrategy’s announcement by saying “Honestly one of the least bullish things about Bitcoin I’ve heard recently. No idea why anyone pro-Bitcoin would celebrate this.”

DeFrancesco’s statement sparked a discussion on Twitter regarding the true philosophy of Bitcoin. Furthermore, many Twitter users and Bitcoin enthusiasts were seen responding to this statement including Hosp. Hosp says:

“Because deep inside, Bitcoiners don’t care about the mission, they just care about ‘price go up’ like everyone else.”

Additionally, he also states that Bitcoin holders hide behind a fake mission by calling everything else “shitcoin.” He can be seen implying that Bitcoin supporters dismiss all other cryptocurrencies as inferior because they do not have the same potential for financial gain as Bitcoin.

Moreover, Hosp supports this argument as he puts out a simple thought experiment. He asks, “Would you be ok for Bitcoin to be the global world reserve, but neither you, nor anyone you know keeping their bitcoins, meaning you would have the same purchase power as today?”

Hosp believes that most Bitcoin holders would not be satisfied with this outcome as they would answer with, “No, that would be unfair, I have been holding for so long.” He adds, that’s exactly his point, that their [Bitcoin holder’s] primary motivation is not the success of Bitcoin’s mission but rather their own financial gain. Hosp believes this is totally fine and only urges people to be honest about it without hiding behind a facade of supporting a particular mission or ideology.


Updated: 04/06/2023 — 11:00

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