Opinion: Bitcoin is Doomed for Success
Each passing day, it's harder to remain neutral to the overwhelming popularity of crypto world. Authorities are taking stances, new converts are fostering market capitalization, ICOs get issued, and new exchange and mining companies appear on the radar.
Still being in a middleware phase, cryptocurrency is embraced and pushed to the daily activity with a hitherto unprecedented speed. Each year we're getting readier to embrace every revolutionary idea.
If we look at the traditional curve of technological adoption innovations' popularity is very much determined by the number of its use cases. At the moment there's no a real change and significant improvement delivered by virtual money.
It's fear that drives bitcoin. With the arrival of Bitcoin, we're now confronted with the modern day example of game theory. And while we're way before any useful and groundbreaking application of Bitcoin, FOMO is the most powerful market force behind Bitcoin's worldwide popularity.
Thus, it's not the acknowledgment of Bitcoin's usefulness but a fear of missing out on this usefulness when it comes. You don't want to be the one banning crypto during its ambiguous phase merely to miss out big when crypto shoots high.
The promised benefits of anonymity, breaking loose of the dictate of nation states and the opportunity to eventually build one's desirable American dream look so understandably excellent. This is the reason the world unilaterally agreed on Bitcoin's appeal without any timelines or guarantees.
An International Angel Investment Exercise in Bitcoin to Stay in the Game for a Potential IPO
China can ban mining and Japan can ban exchanges. Turkey can issue their federal cryptocurrency and the USA can impose taxation on crypto investments. These just to lose out to another Ireland who will ease the tax burden on crypto businesses and reap off a yield on a worldwide angel investment.
Truth is, everyone wants to be Ireland and no one wants to miss out.
The price of Bitcoin is currently a massive bubble. And the price might grow far more than the entire world is headed towards the new fad of FOMO fever. However, you know what? The price is justified! If people are buying, the price will keep climbing.
It's like saying we are going to die of cancer anyway, and we're free to forego decades of extensive research. We won't buy it! There's not any coming back, no approval of defeat.
In such a scenario, the only thing Bitcoin can really do is keep growing until a widespread, mainstream real-life program gets introduced wherein millions of adopters get onboard.
And as with computers, AI or virtual reality, the application of crypto will come. It might take another year or a decade. But it is going to come. And if it doesn't come to the vast majority of the world it's clearly arrived to the principal stakeholders and crypto ecosystem creators. And they are not ready to give up on the game.