Captain Cranks
Footballguy
In the short and medium turn, crypto, and specifically BTC, has taken significant blows to the narratives that's had it running early this year. The hype that institutions are going to be piling in in droves isn't happening as quickly as some had hoped. Microstrategy and Tesla got things kicked off, but between Tesla stepping back a bit and the recent volatility, I don't see many large, public corporations buying Bitcoin for their treasury reserves. I understand the protection from inflation argument, but what's the difference between buying BTC and buying Apple stock if you're a treasurer at this point in time. I've been buying crypto with my own business's reserves, but acknowledge that I'm really just investing/gambling and can't be certain the money will be there when I need it.
Secondly, the narrative that BTC is the apex technology because it's decentralized and secure feels less stable and important. Binance's smart chain is proving how much users really care about decentralization at the moment. Also, is it really that decentralized and secure when a power outage in China can send the hash rate (and price) to the basement? Add to that the perception (doesn't have to be fact, just perception) that BTC is bad for the environment, and I see an opportunity for another blockchain to take BTC's crown. Michael Saylor's arguments that it's the fastest to a $1T market cap and is more efficient than brick and mortar finance can be quickly unwound as soon as another technology reaches $1T more quickly (looks at ETH) and with much less power usage.
That said, longer term, nothing's changed with regard to blockchain's promise for the future and how it will ultimately change the world. It will be as revolutionary as the internet, so we have an opportunity, just as we did in the late 90s and early 2000s, to follow the market closely and invest in the technologies that will dominant the space for years to come.
Secondly, the narrative that BTC is the apex technology because it's decentralized and secure feels less stable and important. Binance's smart chain is proving how much users really care about decentralization at the moment. Also, is it really that decentralized and secure when a power outage in China can send the hash rate (and price) to the basement? Add to that the perception (doesn't have to be fact, just perception) that BTC is bad for the environment, and I see an opportunity for another blockchain to take BTC's crown. Michael Saylor's arguments that it's the fastest to a $1T market cap and is more efficient than brick and mortar finance can be quickly unwound as soon as another technology reaches $1T more quickly (looks at ETH) and with much less power usage.
That said, longer term, nothing's changed with regard to blockchain's promise for the future and how it will ultimately change the world. It will be as revolutionary as the internet, so we have an opportunity, just as we did in the late 90s and early 2000s, to follow the market closely and invest in the technologies that will dominant the space for years to come.
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