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Bitcoin’s Real Moat Bitcoin’s decentralization has weakened, and mining/development are more concentrated than Satoshi envisioned. Self-custody still matters, but monetary policy may be Bitcoin’s strongest feature. The 21M cap is protected by incentives: holders have little reason to support dilution. That game theory is powerful. Even with growing centralization, Bitcoin’s scarcity and hard-to-change monetary policy can make it a powerful global store of value.