How Money will DisappearHow Money will Disappear0 Comments
In recent months bitcoin has had a phenomenal rally and for good reason. Big payment giants and listed companies are adopting it and not just in the US. One month after Elon Musk announced that Tesla purchased $1.5 billion worth of bitcoin, the Chinese tech company Meitu announced that it made its entry to crypto, buying $40 million worth for bitcoin and Ethereum. On the other hand, the US government is printing money like it’s going out of style. A few days ago, the Senate voted for the new $1.9 trillion stimulus package. With the last one in April, lots of people used their check to buy bitcoin. Most likely, this will be the case when they get this new check too. So you can understand why big tech and Wall Street players are looking at bitcoin. As we all focus on bitcoin, its price and market cap, JPMorgan is looking a little to the left and to the right. They think bitcoin is a parenthesis and the true value lies in innovative products that will come out of tech companies. Analysts at the bank feel that cryptocurrencies are still plagued by a number of inherent problems that may prevent them from going mainstream. Now if you consider the power struggle we will see between the old and the new, central banks and open source crypto, we may see a slowdown. But crypto is not a parenthesis and anything moving fast at some point will have to catch its breadth. That’s only normal and expected. Bitcoin has ceased to be the play thing for a small group of early adopters, miners and believers in crypto and has become a legitimate alternative to inflationary measures. In the end bitcoin, defi and other cryptos will prevail and fiat will go go the way of the dinosaurs.