Institutional Investors Largely Unaware that most institutional players in the Bitcoin ecosystem remain either uninformed or uninterested in one of the network’s most discussed technical disputes: the Bitcoin Core versus Bitcoin Knots debate.
Alex Thorn, head of research at Galaxy Digital, shared the findings this week, revealing that 46% of the 25 institutional investors surveyed didn’t even know the debate was happening. Another 36% said they had no opinion or felt indifferent, suggesting that the topic is far from a priority for large financial participants. The remaining 18% of respondents—those who did hold firm views—were unanimously in favor of Bitcoin Core’s stance.
The debate itself revolves around how the Bitcoin blockchain should handle different types of transactions, especially non-financial ones. Tension picked up after the release of Bitcoin Core v30, which critics say could make it easier for users to push what some consider “spam” or non-essential data onto the blockchain.
This is where Bitcoin Knots supporters take a harder line. They argue that filtering out non-financial or unwanted content is necessary to protect the network’s integrity. Their concern: bad actors might try to embed illegal or immoral material into Bitcoin’s permanent ledger. Without some level of filtering, they warn, Bitcoin could unintentionally host harmful content forever.
On the other side, Bitcoin Core supporters reject the idea of restricting transactions. They argue that blocking certain types of use could break long-standing norms, split the network, and confuse users. More importantly, they believe it contradicts the open, permissionless nature of the Bitcoin protocol.
Despite the increasingly heated discussion online, Thorn believes the real-world impact may be overstated. In a post on X, he wrote that most investors, service providers, and even government contacts “see no problem” or simply aren’t paying attention. To them, the dispute is more of a theoretical argument than a practical threat.
Miners weren’t directly surveyed, but Thorn added that based on his conversations with large mining operations, awareness appears just as low. Major miners, he said, don’t seem especially worried about the Bitcoin Core–Knots divide and aren’t treating it as a pressing issue.
For now, the debate continues mostly among developers and highly engaged community members—while much of the institutional world remains on the sidelines, seemingly unconcerned with whether Bitcoin Core or Bitcoin Knots has the stronger vision for the future.
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