I’m disappointed at BTC
I’m disappointed because the narrative was:
“this project is meant to be a decentralized currency”, the “war against the fiat”, the “war against the central banks”, the “technology that will substitute banking”, etc…
But then people get scared at the first stroke of a pen made by a Government?
People pouring their money onto bitcoin be like:
“OMG! 21M cap? Then 1 piece is $380k!!! I gotta put all my life savings there!!!” => A Swedish guy bet his life savings on bitcoin — and his net worth has exploded by more than 13,000%
As simple as that.
This guy made money beucase he was lucky and he was early.
Who knows if BTC will actually reach the $380k or it will crash and burn.
If everyone makes the assumption that a BTC is worth $10k, $20k, $50k or even $380k, then who’s left to buy?
Everyone who thought the BTC had room to reach the $380k have already bought, they won’t sell it (and there won’t be more than 21millions mined, remember that?). The people who don’t have it, won’t buy it either because “it’s too expensive” = trading is practically halted.
But if trading is halted, so are the transaction IRL.
Why would I spend 0.xxxxx1 BTC and pay for a pizza, if I know “a BTC will be worth $380k, but now it’s $4k?”
If the premise was to substitute the whole monetary supply, and as soon as the Government makes a law your BTC is basically worthless, then the project has failed.
I’m not saying that the tech or the protocol are a failure.
I’m saying that the way BTC is used is a failure.
If there are no legit businesses that refuse fiat currency* and accept crypto only, then cryptos have no future.
If your grandma doesn’t go and swipe her Xapo at the grocery store, or if her dollars don’t get converted automatically into BTC as soon as she get the pension, then the BTC has no future.
* It can’t be made, says the law. Sorry…