Is Bitcoin’s Decentralization at Risk? 29% of Newcomers Think So

A new CoinGecko survey revealed a cautious divide in the community over Bitcoin’s growing mainstream acceptance, as newcomers show the most skepticism. The poll, which was conducted between August 22 and September 11, 2025, gathered responses from 2,549 participants.

It found that while a majority lean positive, a significant minority remains wary of how Wall Street and traditional finance may reshape the asset.

Wall Street vs. Decentralization

Overall, 60% of respondents said mainstream adoption, including developments such as spot ETFs, corporate treasuries holding Bitcoin, and government accumulation, is positive for Bitcoin. Within this group, 41.4% described the trend as “very positive,” and cited greater legitimacy and long-term price potential, while 18.6% felt “positive” but expressed less enthusiasm.

Another 19.4% of participants were neutral. However, 20.5% voiced concerns that Bitcoin’s expansion into traditional finance could compromise its core principles. This group included 12.7% who see mainstream adoption as “very negative.” They warned that decentralization and censorship resistance may be weakened. Meanwhile, 7.8% were “negative” but less strongly opposed.

The skepticism was most pronounced among first-cycle investors, who experienced their first crypto market cycle. Among these newcomers, 29.3% viewed mainstream adoption as negative or very harmful, roughly double the 14.9% rate recorded among second-cycle participants and 15.7% among those in their third cycle or beyond.

On the other hand, only 52.0% of first-cycle participants felt positive or very positive about Bitcoin’s mainstream momentum, compared with 65.2% of second-cycle respondents and 64.4% of long-term veterans. Second-cycle participants were also the most likely to call mainstream adoption “very positive.”

The findings suggest that seasoned crypto users are more comfortable with the idea of institutional involvement, while newer entrants may either lack exposure to past adoption cycles or represent speculative traders wary of Bitcoin becoming another Wall Street asset.

Crypto Demographics

Among the participants, CoinGecko found that 68% identified as long-term crypto investors, while 20% described themselves as short-term traders. Builders made up 7% of the group, and 5% were sidelined spectators observing the market without active participation.

In terms of experience, 38% were navigating their first market cycle with up to three years in crypto, 41% were in their second cycle spanning four to seven years, and 21% were seasoned veterans with over eight years of involvement.

Geographically, respondents were concentrated in Europe, which accounted for 31% of participants, followed by Asia at 26% and North America at 22%. The remaining participants were spread across Africa, South America, and Oceania.

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