BTC is hurting. It's not only that Bitcoin dominance is very low, but its price is also undergoing a healthy correction on top.
What Elon Musk did was designate the BTC blockchain a non-touchable (not only BTC itself).
And I have very mixed feelings on this matter. On the one hand, I do believe that compared to other protocols, BTC moves at a snails pace in terms of development.
On the other hand, perhaps that lack of development can also be viewed as stability. I can absolutely imagine the old money in their metallic towers commenting that "oh BTC looks stable because the chain hasn't changed in a long time."
But if you read my previous posts, I am a firm believer in leaving OLD, big money out of blockchain currencies.
There are many reasons why, but the most important one is about control. And I don't want the same group of people who are destroyed the current fiat system having a governing majority stake / vote in crypto currencies. I've posted on here that people should be buying BTC not because it is worth more fiat, but because it is worth more LTC or other crypto.
As a matter of fact, if I had my druthers I would eliminate USDT/ stable coin pairs as well. let the cryptos become the standard, against which all others are compared. Not fait, or fiat based stable coins.
Elon Musk being the Willy Wonka Wannabe that he is, perhaps he did us all a favor. If him leaving the chain leaves more BTC for more people up for grabs, then he is democratizing crypto ownership to a degree.
But this is short term, people will buy it up again.
I really doubt the bear market will come to fruition during this summer.
Could I be wrong yes?
On the other side of the whole Musk effect debacle is another one of my favorite coins- Cardano.
Everybody in the snooty ETH / BTC class owners love to smack talk ADA. Probably because they're afraid of what it can do. But after Elon tweeted his "eco-friendly" argument about not accepting BTC for car purchases (which, ::sarcastically:: I'm sure people were lining up in droves to buy a depreciating asset with an appreciating one) all "green" blockchains shot up. ADA, Nano, etc.
He gave a lot of people a second chance to get in on BTC sub $50K, and he boosted a smaller blockchains with better tech.
Perhaps that's why the community loves / follows him so much. He is unpre-dick-table.
Either way, it just solidifies my argument further about big money having too much influence over crypto. So the next time you buy or sell an asset, ask yourself "what can this blockchain, coin, or token, do in the world that adds value?"
If you can come up with an answer, you're already ahead of the old money who'll come running when they realize what you realized before them.
You Elon Musk, old-money monitoring watchman,
Old Grey Fox
As always : THIS IS NOT INVESTING ADVICE. DO YOUR OWN DUE DILIGENCE AND RESEARCH. THIS IS JUST ME SHARING MY STORIES AND views / news updates.
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Alphanova.crypto
Above is the .crypto address for anyone who wants to shoot me some cheddar for my thoughts. Please no BTC or ETH. Network fees are killer. Stick to LTC, XRP, ADA, or TRX. The last 3 are almost free in terms of network fees.
And if you happen to be a Publish0X admin reading this, PLEASE CAN YOU GIVE US THE OPTION OF BEING REWARDED IN TRC-20 tokens vs only ERC-20 tokens? PLEASE IMPLEMENT NON-ERC-20 tokens as rewards. THANKS!
