Last week's approval of Bitcoin ETFs in the US means institutions like BlackRock, Goldman Sachs, and Fidelity can now participate directly in the Bitcoin market. This could set up a potential struggle over Bitcoin's future between these large regulated entities and Bitcoin "maxis" who value censorship resistance and decentralization. Institutions may try to influence the Bitcoin ecosystem by only buying coins mined through green energy or avoiding coins with nefarious histories. Their demand could be large enough to materially change the behavior of miners and others.