How early are we?
People and institutions are dumping Bitcoin for Eth 🤡
You highly underestimate how many “smart” people lack true conviction and wisdom when it comes to allocating capital and predicting likely future outcomes
Discussion
Yeah what's with the current ETH moment?
Oh same as the last cycle. People keep talking about Web 3. I'm still not sure what that exactly is, and I'm not sure they even know.
I mean, I partially get it... ETH and other such blockchains make it much easier to do things like tokens, which is difficult if not impossible with BTC.
The cynical case on that though is that 99.999% of the time, those tokens are outright scams, or tie back into something like securities that are ultimately contingent on State ownership. So then, there's no point in the Blockchain, because there's no need for censorship resistance, because it's all State-authorized anyway.
How do you know?
There are a lot of entities who are holding Bitcoin just for the expectation of bigger gains than classical assets. Once Bitcoin stops putting in this jumps it will be completely uninteresting to them and settle at a price without speculation, revealing the true demand.
Bitcoiners should be prepared for the scenario where this is maybe a lot lower price point in $ than today.
I know, not a very popular thought.