Since its inception over 15 years ago, Bitcoin has captured the imagination of libertarians, anarchists, and a variety of other advocates of individual liberty and financial sovereignty. To them, Bitcoin represented a revolutionary challenge to State-controlled money and authority. As such, it has come to symbolize a disruptive shift toward greater freedom and autonomy for individuals in modern society.

Yet as Bitcoin gains mainstream traction, there are more and more signs it may be shedding its revolutionary roots. The exponential growth in users and market value has corresponded with a dilution of the liberty-oriented ethos that initially defined the technology. In a future…

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