Block CEO Jack Dorsey, who previously led Twitter, warned about the increasing power that major financial institutions are gaining over Bitcoin operations. During an interview at San Francisco’s Presidio Bitcoin workspace, Dorsey stated that institutional adoption of Bitcoin is bound to happen, yet he warned that it might affect Bitcoin’s foundational principles.
As a central principle of operation, he stressed preserving its open and permissionless structure because it enables every person to access the network without depending on conventional banking systems.
During the discussion, participants focused on the institutional players who joined the Bitcoin field, such as BlackRock. Through their participation, Dorsey noticed that Bitcoin receives greater acceptance while warning about the potential dangers this involvement brings to the system. The adoption of Bitcoin by institutions does not grant them authority to control user innovation or development in the ecosystem.