Furthermore, they assume that Bitcoin will follow "the adoption trends of other broadly used technologies", which is unlikely to happen. Even the cryptocommunity is starting to accept that Bitcoin has effectively failed as a payment network.
It’s got that sweet hype-commodity power though.
Although what can I say, when I saw my non-tech family talking about it I assumed it was dead. That was at $3000. I know nothing.
I have no idea if or when that circle will break but I can't believe that it will last I definitely.
However I don't think institutions of this size and nature buy millions of dollars worth without some sort of analysis and strategy.
Instead it's basically $186 million from Square and $5 billion from a questionable Microstategery investment decision.
JPMC has trillions under management, seems like they would want to invest, right? Or are they worried that Tether is currently untethered to reality?
Fuck tether though.
To fail, all of the 2nd layer networks have to fail, and it has to keep its position of a store of value, keeping transaction costs out of reach of regular folk.
If tomorrow there was a big price crash back to $1, and all transactions dried up, it would have a 2nd shot at being a payment network.
Where are you seeing evidence of this?
Almost nowhere accepts bitcoin anymore because they failed to solve the issue that transactions cost on the level of dollars to process so its only useful as a speculative investment and not a practical currency.
Cryptos have basically burned the idea and the general public will probably not care of any future solution since all of the previous ones were scams or not very useful.
These cryptos all promise the world and deliver nothing.
For example, Uniswap is a decentralized exchange living on top of Ethereum that frequently has volume higher than Coinbase. A couple years ago that was the "end vision". Now it's an everyday reality.
Loans, mutual fund like assets, lending etc. The ecosystem is booming.
Ethereum is absolutely fulfilling it's mission.
I even see it myself, and I don't speak for anyone in that community. I bought some BTC ~4 years ago to buy something and did the math on current value. It's kind of shocking.