In 2023, a long-time Bitcoin investor decided to take a bold step: sell all their Bitcoin holdings and reinvest entirely into ICP — the Internet Computer Protocol.
The move caught the attention of the crypto community, not just because of the amount involved, but because it marked a clear vote of confidence in an emerging blockchain project over the most established cryptocurrency.
The Investor’s Track Record
This wasn’t a novice move. The investor first bought Bitcoin in its early days when it was trading below $200. Over the years, they accumulated and held their Bitcoin through multiple bull and bear markets.
By their own account, Bitcoin helped them achieve financial independence. However, they began to reassess Bitcoin’s limitations and ICP’s potential as the crypto space evolved.
What Is ICP and Why the Shift?
ICP (Internet Computer Protocol), developed by the DFINITY Foundation, is a blockchain designed not just for transferring value like Bitcoin, but for hosting applications, services, and websites entirely on-chain — essentially a decentralized alternative to traditional internet infrastructure.
The investor pointed to several key reasons for the switch:
1. Utility Beyond Currency
Bitcoin was designed as a peer-to-peer payment system, and it does that well. But ICP, according to its whitepaper and core architecture, aims to replace much of the traditional web stack by allowing developers to deploy backend and frontend code on a decentralized network without relying on centralized cloud services like AWS or Google Cloud.
2. Network Governance and Staking Rewards
ICP uses a unique governance model called the Network Nervous System (NNS), where token holders can stake ICP to vote on protocol upgrades and earn voting rewards. For long-term investors, this model offers a form of passive income that Bitcoin doesn’t natively support.
3. Concerns Over Bitcoin’s Real-World Use
The investor argued that most Bitcoin holders don’t use BTC for its intended purpose — peer-to-peer transactions. Instead, it’s mostly traded on centralized exchanges and stored as a speculative asset.
They saw ICP’s ability to support real applications — not just value transfer — as more aligned with the direction the web is heading.
A Risky Move, Not a Guarantee
Even the investor admitted this wasn’t a guaranteed win. ICP has faced criticism for its early price volatility and limited adoption, especially in comparison to more mature networks.
According to CoinMarketCap, its price declined sharply after launch in 2021, though the DFINITY Foundation continues to ship upgrades and onboard developers.
The investor’s decision was ultimately based on where they saw the future of decentralized technology — not just the past performance of an asset.
Final Thoughts
This move reflects a broader shift in crypto investing: from betting on digital gold to betting on platforms that can replace parts of the existing web.
Whether ICP will live up to its promise is still uncertain, but the investor’s story highlights how confidence in long-term utility can sometimes outweigh even a decade of gains.
