We have a close to two trillion dollars total market capitalization for the crypto market, Bitcoin is already $56,000 and paves its way to $100,000 at a not so slow but steady pace. It feels more like a freight train than a Japanese one at this point. It simply gains traction and it trails its way through all the bushes it has to disrupt.
Bitcoin started gaining traction, pointing towards the real deal in here, overcoming the 2017 bubble mania which really was a bubble, once large corporate companies have turned their eyes and pockets towards it. I don't know if Michael Saylor has had such a huge impact on Elon Musk's decision in adding $1.5 billion in BTC on Tesla's balance sheet, but he's done a good move.
He's done that good that he's already over a billion in profits since Tesla got its entry in Bitcoin. Although called himself as the Dogecoin CEO, Elon Musk seems to have a deep understanding of how Bitcoin works and what's it up to for disruption. Doesn't seem too excited about the future store of wealth though, or the digital gold as some are calling it, but he sees it with better eyes than he sees fiat.
He's just an ant in this space imo although his words and buying power weigh heavy for now. It was all about Bitcoin in 2009 and it's all about taking over everything that can be tokenized and revolutionized through blockchain technology nowadays. At least that's the way I see it.
The crypto lava is penetrating any imaginable and unimaginable inch of human existence as we speak. I know, 99.9% of humans still pay for their groceries in cash, quite a few still probably holding some gold as a harsh times reserve and quite many are using facebook instead of Hive, but that's about to change. Everything is about to change and I don't know if Satoshi knew about this damn covid, but it has created Bitcoin right on time.
“You don’t need to peg to anything in order to be stable. The most important thing to understand is that DeFi can and should be detached from the fate of the US Dollar. RAI is a first step in that direction.”
-Reflexer Labs founder Stefan Ionescu source
What was that you might ask? Well, it's the announcement of a new stable coin, a coin that's not actually pegged to anything, not to a dollar, euro, yuan or anything, but so far during tests it has managed to keep itself stable against a volatile ETH.
Named as the Ethereum Standard, RAI will play an important role in the future of DEFI, and although this sort of economies built on ETH have gained a lot of attention there seems to be much more to come for them. Things that some have difficulties to grasp at this moment. Fiat based mentality will at some point be disrupted as well and the crypto mentality will have to take its place. If we're talking disrupting banks and national corrupt and inflationary currencies then why not talk RAI, or any of this sort.
Seeing all these crypto projects building up as large cities of a future digitized world it's clear that they need a stable factor, or a stable coin, and when talking of a full decentralized world and governance systems, what point does a USDT have. The only valid point I see for it is while we still give the dollar any value. Once we move on, new types of economies, exchange tokens and ways of payments will emerge.
“Our aspirations for RAI, however, are more profound — if RAI fulfills its purpose within DeFi and starts to earn global adoption, it could prove to be a viable solution to the Triffin Dilemma, and bring credible neutrality to the administration of a stable global reserve asset, a global public good.”
-Reflexer co-founder Ameen Soleimani
Cryptocurrencies have been called speculative assets for so many years, and some of the statements regarding these assets have been true, as those really are speculative when you trade them against fiat currencies. Once we will use them solely as bricks for these digital cities, means of exchange, payments and tokenization tools, where would the speculation still find its place.
The way I see it crypto is still a speculative space and competition is part of the game, once the space will mature enough and developments will start offering ourselves their fruits we won't need to peg them against anything and compare them against each other or other currencies. It's pointless to compare bananas with apples or cabbages. They're all part of one's diet and each and one of them brings its useful nutrients.
That's pretty much how a non tech guy like me sees the crypto revolution affecting our lives and disrupting the dinosaurs of this world we currently live in. For the moment we often look at the dollar valuation of our crypto assets, but at some point we won't have any fiat anymore to give crypto any value. That's when we will be able to see crypto's real value.
Thanks for attention,
Adrian
