hello again reddit community!
3 years ago i wrote a post where i listed the 10 reasons why i believed cryptocurrencies were going to be in the rest of our lives and beyond; today i want to give an update, in a period of pain for crypto and the financial markets in general. and i want to hear your thoughts!
my previous post : https://www.reddit.com/r/CryptoCurrencies/comments/d8le4n/here_are_the_reasons_why_i_believe/
#10: “outdated” systems: the problem persists, we don't have an modern and fast banking system that allow us to send money to others in seconds, working 24/7 and with low fees. (apart from cryptocurrencies tho). In addition we have seen the russian aggression to ukraine, that russian banks were cut from the SWIFT, millions of russians found themselves unable to use credit cards from VISA or Mastercard overnight.
#9: Inflation: 3 years ago “inflation” was on the mouth of few people only, today is one of the most chatted words globally. the money printing *brrrrrrrrrrrrrrrr* has increased since early 2020 parabolically. Expect cost of leaving, food, housing and more to increase. if u can store food or water, make some bulk purchase of what you think u need most and do it.
#8: The 1%: Recessions help rich people to accumulate more and poor people to become poorer. Expect middle class to disappear and drop to poor, while the 1% will bite their share. (check out Venezuela history).
#7: Unbanked: the numbers haven't changed much since 3 years, however the number of people with mobile increased. On the other hand the number of crypto wallets have raised by +178% in 2021, rising from 106 million in January to 295 million in December.
#6: Institution game: 3 years back institutions weren't shouting to the seven winds what they were building or how would they spend their money in research and building. Today Retail investors are no longer the dominant crypto trader on Coinbase according to Morgan Stanley research. Over these last few years, we have also seen many big companies and individuals coming out and embracing the cryptocurrency world such as Tesla and Elon Musk, Microstrategy, J.P.Morgan and many others.
#5 Governments and regulations: Some government have shown extreme caution, others accept tax payments in certain crypto. European countries and US have been working to design a set of regulations for crypto. Chinese Yuan, Euro and USD will soon be digital (an ugly and centralized copy of crypto).
#4 Time speaks: today u can buy crypto everywhere, from exchanges online to supermarkets and crypto ATMs, you can check crypto tickers in the major financial websites and news-channels or just on the road. it has become mainstream but i reckon we still have long to go! in some years you will see the Decentralised Uber, Decentralised Ryanair and Decentralised Shipping company.
#3 Data & Blockchain: we can store data on the blockchain, and this is immutable, there are quite a lot of emerging concepts using Blockchain and Big Data. check. them out!
#2 & #1: Privacy&Ownership: In today and tomorrow's world you will want privacy and you will want to really own the money you earned. allowing you to take them easily away in case of emergency and without the need of an intermediary to spend them.
All the 10 points are still in place IMHO, so we have room to grow higher than previous ATH.
Since my post we have seen BTC going from usd 3k to 67k and now back to test the 20k support, ETH from USD 80 to 4,5k and now back to test the 1k support. this is just a normal crypto cycle. A 90% drawback isn't something new. just make sure u time yourself well!
Currently, there is a lot of shit that is hitting the fan.. the fan looks like a propeller in the sea of 5h1t. however there are really good opportunities when the blood is in the street. stick with t
I hope you guys enjoyed and i look forward to hear your thoughts and what we can add to this list!
thank you for reading!