If you think a 51% attack is Bitcoin’s biggest risk, you’re not analysing Bitcoin. You’re analysing ghosts. They’re missing the real story: the political cost of attacking BTC is quietly going vertical. Every new ETF, bank custodian and corporate treasury that touches Bitcoin turns a protocol attack into a voter‑, pension‑ and balance‑sheet attack. Once sovereigns and systemically important institutions have skin in the game, a hostile move stops being 'regulate a niche asset' and becomes 'light your own financial system on fire.' That doesn’t make Bitcoin invincible, but it does change the game: early BTC relied on pure hashpower economics; mature BTC adds a layer of political and diplomatic deterrence on top. HNW capital and late retail are still pricing the first layer and almost none of the second. #BitcoinOG #CryptoMarket

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