Unchained's Dhruv Bansal Argues Bitcoin Is All You Need

Unchained co-founder Dhruv Bansal and Stephen Hall have published a new essay, “Bitcoin Is All You Need,” arguing that bitcoin’s peer-to-peer markets can decentralize far more than money.

Centralization as the root problem

The authors write that fiat inflation, surveillance, censorship and seizure are only symptoms of a deeper issue, which they identify as centralization.

They point to concentration across the economy, noting that Nvidia controls about 92% of AI data-center GPUs and that three firms control roughly 63% of cloud infrastructure.

Bansal and Hall argue that bitcoin’s monetary and network strengths go hand in hand, writing:

“Bitcoin is both the soundest money in history as well as the most successful decentralized network on the Internet. These accomplishments are not independent. They are inseparable.”

Unlike earlier peer-to-peer networks, they say, bitcoin works as a market in which users directly pay miners for hashrate to settle their transactions.

The essay explains:

“Peer-to-peer markets combine the pricing, allocation, and optimization powers of centralized markets with the resilience, censorship-resistance, and privacy of decentralized peer-to-peer networks.”

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