Is Bitcoin’s decentralization at risk? 29% of new immigrants believe

Coingecko polls show newcomers are vigilant about the mainstream embrace of Bitcoin and have sharply divided.

A new coat survey shows that the community has continued to divide the growing mainstream acceptance of Bitcoin as new immigrants show the most skeptical. The poll was conducted between August 22 and September 11, 2025 and collected responses from 2,549 participants.

It found that while most people are certainly positive, a few remain vigilant about how Wall Street and traditional finance can reshape assets.

Wall Street and Decentralization

Overall, 60% of respondents said that mainstream adoption, including developments such as spot ETFs, treasury of companies holding Bitcoin, and government accumulation, is positive for Bitcoin. In the group, 41.4% described the trend as “very positive” and cites greater legitimacy and long-term price potential, while 18.6% felt “positive” but less enthusiastic.

Another 19.4% of the participants were neutral. However, 20.5% expressed concern that Bitcoin’s expansion to traditional finance could undermine its core principles. The group included 12.7% of people who believed mainstream adoption was “very negative.” They warn that decentralization and censorship may be weakened. Meanwhile, 7.8% of people were “negative”, but the objection was not too strong.

Skepticism is the most obvious among the first-cycle investors who have gone through the first cryptocurrency market cycle. Among these new immigrants, 29.3% considered mainstream adoption negative or very harmful, about twice the rate of 14.9% recorded in the second-cycle participants, while 15.7% of the participants in their third-cycle or later were 15.7%.

On the other hand, only 52.0% of the first-cycle participants felt positive or very positive about the mainstream momentum of Bitcoin, while 65.2% and 64.4% of the second-cycle respondents were interviewed. The second cycle participants are also most likely to refer to mainstream adoption as “very positive.”

The results show that experienced crypto users are more satisfied with the idea of ​​institutional participation, while new contestants may either lack past adoption cycles or represent speculative traders to be wary of Bitcoin as another Wall Street asset.

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Crypto Demographics

Among the participants, Coingecko found that 68% were identified as long-term crypto investors, while 20% called themselves short-term traders. Builders account for 7% of the group, while 5% of the audience observe the market without active participation.

In terms of experience, 38% of people navigated their first market cycle in the cryptocurrency, 41% of people spanned four to seven years in the second cycle, while 21% of experienced veterans experienced with over eight years of participation.

Geographically, respondents were concentrated in Europe, accounting for 31% of the participants, followed by Asia 26% and North America 22%. The remaining participants were distributed in Africa, South America and Oceania.