Why I am long-term bullish on crypto
After the cryptocurrency market has seen a large outflow of capital the last weeks, the sentiment of a large percentage of the population has changed. Euphoria has been replaced by pessimism. I prefer we keep a level head. No over-excitement, and no disappointment. This volatility was expected. The total market capitalization of cryptocurrencies is still not large enough to equalize volatility. We have to work harder to get even bigger adoption by more people, so that we don’t see selloffs like the one happening now. When more wealth is distributed it will be harder for huge but few entities to manipulate the prices as easily. These manipulations will also stop when people start thinking more with their own brain, and not through someone else’s brain, like Elon’s…
We all know about the 4-year halving period of Bitcoin, we all know that the supply is cut in half, triggering a bull run, and all the price predictions based on the stock to flow ratio etc. Some people believed that this time, adoption was big enough to dissuade the collapse of the price, as it happened in 2018 and before, like 80% down. If this here is the bottom and people start embracing crypto currencies again, they would have been right too! But I don’t want to look at crypto on a 4-year timeframe. I am looking at crypto as a total industry leading the future.
To achieve that, all crypto projects should stay united and portray a good image to the rest of the world. We won’t achieve anything by throwing mud at each other, trying to show that my project is better than yours. If it is better, the work will speak of itself when time comes. We have to show the world that cryptocurrencies as a whole, is a healthy industry, that will keep innovating, that will keep improving and evolving. We have to show the world that with blockchain technology, we can have a safer world. A world where:
- My wealth is stored safely and no-one can confiscate it
- My transfer of value, or payments, are easy, cheap, and permissionless. No one can stop or question where I want to send my money.
- My identity documents are stored in a safe place, that only I can give permission to share, and only the necessary information.
- My digital art collections are safe.
- As an artist, my Intellectual Property is safe from piracy and I will receive royalties for my work.
- My ownership titles (real-estate, cars, etc.) are immutably stored on the block-chain. Transferring ownership is easy and cheap.
- My interactions with other entities/companies are facilitated via smart contracts. We don’t need expensive third parties to trust each other.
- My vote counts. It is counted only once, and it is casted by me, verified via my biometrics on the blockchain. It is also cheap to create elections, for every topic, local or state or federal, so there is less need for so many politicians and big government overhead.
- My medical records are stored on the blockchain, encrypted. Only I can give authorization to someone to access it.
- My college degrees are digital. The history of the courses and the grades I received are immutable.
- My insurance is way more granular and facilitated with micropayments. Because of the upgraded risk analysis models, I pay less and the companies make more.
The list can go on. It goes on and is always updated with new innovations. Time brings more ideas into this industry. And as more and smarter tools are becoming available, the applications built on this space will keep increasing. There is nothing to worry about from a little dip in the price when we think of the future. Maybe one day we will pay our taxes with crypto, and we won’t even have to worry about the price. We will only care about the functionalities we need and choose the right ecosystem for us.
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