Michael Saylor Identifies 5 Bitcoin Risks on July 5, Including Protocol Corruption and Regulatory Capture

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According to Bitcoin.com News, Strategy Inc. Executive Chairman Michael Saylor identified five key bitcoin risks on July 5 in an essay posted on X. The risks span protocol integrity, leverage distortion through "paper bitcoin," custodial centralization, regulatory capture at user interfaces, and fee-market sustainability. Saylor emphasized that while bitcoin's core protocol remains protected by consensus, surrounding financial and institutional systems could create long-term challenges requiring attention across governance and network security.
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