Simon Dixon (사이먼 딕슨), CEO of crypto investment platform BnkToTheFuture, laid out 3 conditions under which he would sell all his bitcoin and buy gold.

On Nov. 12, Bitcoin Magazine reported that Dixon said he would sell bitcoin immediately if he begins to doubt any of the following: self-custody, peer-to-peer transactions without government intervention, or bitcoin's fixed supply.

Dixon cited direct ownership and control as bitcoin's best-performing feature since 2011. He said investors should be able to earn bitcoin and store it themselves, and that if this structure is shaken the nature of the asset itself changes. He also said individuals must be able to transact directly without placing the government in the middle. He presented the fixed supply of 21 million as a key condition as a means of responding to long-term erosion of currency value.

He said he would immediately sell his bitcoin holdings if any one of the three elements is undermined. That means the decision on whether to keep holding bitcoin or move into gold would be based not on price or short-term returns but on the network's essential characteristics.

Dixon stressed that the key issue in the bitcoin market is not whether institutions adopt it but the centralisation risks that could arise in the process. He said structural risks could rise if custodians, mining companies owned by Wall Street capital, and companies accumulating bitcoin as a treasury asset gain more influence.

He went on to describe individuals holding their own private keys as resistance to centralisation. He argued that to preserve bitcoin's design intent, users should not hand over custody and control rights to outside parties. He added that if everyone entrusts their private keys to BlackRock, bitcoin will fail, and that control should not be concentrated in a small number of companies.

This view aligns with a trend in which custodial services, exchange-traded funds (ETF) and corporate bitcoin holding strategies are expanding along with institutional inflows. Dixon put more weight on expanding adoption while preserving bitcoin's core principles than on rejecting institutional participation itself.