Bitcoin is a globally distributed ledger beyond any jurisdiction. No government, regulator or global body can order Bitcoin to stop or to change the way it operates. Bitcoin is governed by nothing except its own endogenous code.
Bitcoin has no president or CEO. It has no leader. It was started in 2009 by a pseudonymous actor or group who, having enlisted others to improve it, disappeared two years later. Whoever they were, they now have no control over the way Bitcoin works, and no more ability to change its code than anyone else.
Bitcoin isn’t controlled by anybody. It doesn’t have shareholders, directors or employees. There is no company or foundation to devise strategy or set policy. It has no marketing or customer service department.
In fact, Bitcoin has no customers and no suppliers. It has no debtors and no creditors. It has no investors or financing, and cannot become insolvent. It has no bank account and cannot go bankrupt.
Because it cares for nothing except its own internal code, Bitcoin is not at the mercy of exogenous forces such as commercial pressures, economic cycles or financial crises.
And Bitcoin is not subject to any external laws, rules or conventions.
Bitcoin is a law unto itself.