Bitcoin has the new technology we have to trustPosted on: June 19, 2018, by : Dan Muresan
Does Bitcoin represent the new technology we have to trust and adopt? Today (June 19), the total market capitalization of the crypto market is somewhere at 292 billion. That means that there is a hand of people on the planet who could literally buy them all. I know, this is a crazy scenario, but it’s interesting to look at things from this unusual perspective as well.
Bitcoin has a market cap of $ 116 billion, or 75 times less than gold.
However, gold is completely useless compared to bitcoin. You cannot pay with gold in anywhere, gold is very difficult to move, and it cannot be used for shopping online, and also very costly to turn it into money. And the value of gold is given by the value people put in gold.
However, gold is seen as a very stable investment for stockpiling and as insurance against inflation, or possible collapses of coins. Around $ 8 trillion is invested in this metal. Of course there are other things to consider, because gold is also used in dentistry, in the manufacture of electronic products, and also for jewelry. Gold price is a little bit influenced by these uses, but especially the influence it’s because it is traded by financial institutions.
The new millennial generation is not interested and not excited about gold, but passionately believes in cryptocurrencies. I do not know how long it will take until we see massive moves, but my point is that more and more funds will migrate from gold and other assets to the bitcoin and the crypto market. It’s just a matter of time.
As I said, we are still in the very early stages and there is a lot of regulations, a lot of work to be done, both in infrastructure and in improving cryptocurrency functionality. It will take time, but the evolution is natural and irreversible.
It’s not new. All the revolutionary technologies followed the same road.
The cars at the beginning went on roads built for horses. Then, new roads began to build and, with them, the functionality, the safety and the reliability of the car industry accelerated.
The Internet went awful on the old phone lines. It took you a long time to get hold of yourself. Retrospectively, it seems to me that these technologies have brought immense value to people. But when they appeared, few visionaries provided for their usefulness and evolution. Most of them ignored them completely. And some despised them.
Just like cryptocurrencies.
But crypto market will inevitably follow the same path, the same evolution. One that will lead to an aggressive turn in the perception and mentality of all people. As this happens, their value will grow enormously. Experts say the crypto market can reach a value of $ 20 trillion.
It will not be easy, but we should not expect it to be. In real world, only the ones who are under the greatest challenges will survive and will become stronger and stronger.