As much as majority of Crypto enthusiast are echoing the line that Bitcoin is a fully decentralized currency, events of the past months has shown this to be false.
When Elon Musk tweeted about Bitcoin consuming so much electricity and contributing to global warming, despite fight back from most Crypto enthusiasts on social media, the price of Bitcoin went south.
The China FUD also caused substantial price decrease. How come China only ban Crypto almost every year during the bull market? This only shows the hold China and Chinese has on a supposedly decentralized Bitcoin price.
With the entrance of institutional investors into Crypto, especially Bitcoin and how liquid these investors are, Bitcoin is fast moving towards complete centralization. The maximum supply of Bitcoin means if you accumulate a certain amount of Bitcoin, you can easily determine the price trend and this is the hold people like Elon Musk has on Bitcoin for now.
One thing I'm looking forward to is the complete decoupling of alt coins from Bitcoin price movements. Once this is achieved, I believe Cryptocurrency will become fully decentralized as there are fully decentralized Crypto projects like Bitcoincash leading the way in full Decentralization and better use case.
Bitcoin is centralised because its controled by miners...hard forks and stuff. We holders of BTC don't have a say in the direction of the protocol... true China had domination on Bitcoin because most miners were located in China... and Bitcoin whale price manipulation is there too.
But Bitcoin supply cannot be manipulated by anybody like fiat currency so its decentralised compared to fiat and CBDCs . We can hodl bitcoin in wallets, having it under our ownership, we can send it anywhere and Govt. can't do anything about it, so BTC is decentralised.