Hey John, I must say I’ve been studying cryptocurrencies for about a year now and you articulated my intuitions in a way that no other writer has. I really appreciate the time and energy you took to create this content. I think people will look at this as a historic piece once the dust settles. My observation is that most buyers of cryptoassets don’t yet know how to differentiate between bitcoin & ethereum, nor do they realize they can buy fractions of bitcoin.
I think a substantial portion of bitcoin wealth generation is seeking diversification & returns in other crypto assets, which has led to an similar price appreciations in ripple, ethereum, iota, etc., despite missing long-term fundamentals as you point out.
Thus, if bitcoin continues to appreciate in the short-term, the rest of the tokens will probably appreciate by association, meaning the upside potential is probably still relatively attractive for investors.
What do you think?