Explanation of Bitcoin in 2012: "This is a new kind of currency. Completely autonomous. Under your control. Permissionless. No trusted third party is needed to use or verify transactions. It will replace banks and the riddled fiat currency system." Explanation of Bitcoin in 2025: "We believe Bitcoin is a store of value that appreciates, so we package it in bank products held by a central custodian. You own a claim that goes directly into your fiat currency brokerage account, alongside other fiat currency instruments. You need to trust multiple layers of institutions to believe you own what you believe you own."