Crypto — Fad or The Future?
Are you the crypto guru in any group? Or are you the skeptic, thinking we’re all being duped?
From blockchain to Web3 and NFTs, the technology is rapidly evolving. Nevertheless, there’s still one constant debate — Is Crypto Fad or The Future?
Bitcoin
The first to market was Bitcoin.
It was created by Satoshi Nakamoto and first mined in early 2009. We won’t get into the nitty-gritty, but the coin’s price has since skyrocketed. It has become a powerful medium of global exchange and is seen as a store of value.
El Salvador was the first country to adopt Bitcoin as legal tender in 2021. Other countries are likely to follow in their footsteps, with talks of Panama, Tonga, Paraguay, and Cuba being potentially next.
Many retailers have also jumped on board and begun accepting Bitcoin as a form of payment. Some of the big names include Paypal, Starbucks, AT&T, Amazon, and Whole Foods. Paying with cryptocurrency isn’t done at the register, not yet at least. It’s best to verify with the company, but it’s likely done using their mobile app, website, or third-party platforms like Flexa.
Either way, it’s a step in a very new direction. Yet some still wonder, is it the right one? And could Bitcoin change the future monetary system?
The use-cases are very promising, but only time shall tell.
Institutional FOMO
Data doesn’t lie. Institutional investors have definitely taken notice of the digital phenomenon.
Let us not forget — many of these now-on-board players were also the strongest naysayers.
Jamie Dimon, JPMorgan Chase chairman and CEO, called Bitcoin a “fraud” in 2017. Despite his skepticism, the well-known bank has since made strategic investments in blockchain technology and even registered a Bitcoin fund with the Securities and Exchange Commission (SEC).
JPMorgan is far from alone. Many other big-name corporations like Wells Fargo, Goldman Sachs, MicroStrategy, and Tesla are joining in on the action.
MicroStrategy is at the top of the list of those in favor of cryptocurrency. The Virginia-based company noted owning a total of 125,051 Bitcoins in August 2020. CEO Michael Saylor is a proud, public supporter of the coin and foresees high hopes for its future.
FOMO has driven many corporations to accumulate Bitcoin and other digital assets. And the market is seeing the impact. These whales and institutions were largely at play in many recent BTC rallies, manipulating price surges and monumental dips.
Oddly enough, the liquidity from institutional involvement is thought to create a less volatile market and increase general adoption overall. Plus, having them on board could equate to friendly regulations when they do come.
More and more bankers, institutions, asset managers, and VCs are looking to get in on the cash cow known as crypto. Despite the public opinion, their involvement does tell us something — digital assets are definitely making their presence known, and the future looks profitable.
What about memecoins?
People tend to mention two things when questioning anything crypto — Bitcoin and Dogecoin.
We’ve touched on the real-life use and institutional appeal of Bitcoin. And its concept is often the easiest to understand. After all, Bitcoin actually aims to function as a real-life currency.
It’s altcoins, specifically memecoins, that come with more confusion. And rightly so, given that many sh*tcoins lack actual technology. Memecoins are based on hype and for that reason, are likely more fad than the future.
The future of memecoins is its own topic for debate. Will they stand the test of time or be soon forgotten like many viral memes? For now, the supporting community remains strong. And if there’s one thing crypto has taught us all, anything is possible!
The crypto craze is growing each and every day. The technology is promising and the future appears bright, but current day risks still widely exist. It’s a volatile market and as they say, always do your own research.
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— Crypto Blondie
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