Disillusionment and Hope in Bitcoin’s Evolution | Token Narratives Ep. 47

In this episode of Token Narratives, Bitcoin Takeover podcast host Vlad Costea joins Corbin Fraser and Graham Stone for a candid and wide-ranging conversation on Bitcoin’s shifting culture, the stalled adoption of BTC as money, and the growing influence of TradFi and stablecoins.Vlad critiques the institutional co-option of Bitcoin, comparing it to a “Ponzi-like” model where speculative gains outweigh real usage. The trio discusses whether Bitcoin’s future lies in sovereign reserves or peer-to-peer economies—and whether it’s even possible to scale Bitcoin use without soft forks, experimental layers, or cultural change.Corbin shares his personal journey from being black-pilled to hopeful again, crediting Vlad’s podcast for reigniting optimism. Graham reflects on the psychological gap between Bitcoin as a speculative asset and as a functioning monetary system.Topics include:
• Bitcoin’s institutional trap and the danger of financialization
• Layer 2s, drivechains, BitVM, and soft fork gridlock
• Monero's use it culture vs. Bitcoin's hodl culture
• Parallels with credit card adoption and the lesson of PGP
• Fold, ProtonMail, and incentives for spending Bitcoin
• Bitcoin as a multi-decade cultural and technical projectWhether you’re deep in the cypherpunk trenches or watching price charts, this episode offers sobering insights and cautious optimism about the path ahead.