Everyone's hyped! Bitcoins exploding! Bitcoin will hit 1 million dollars! Can it be? Is it now! Are we seeing it happen?
Granted for many reasons this is accurate but isit true? There's so many things to love about bitcoin. It's a magical asset in the world we find ourselves in and with the arrival of DeFi and yield farming we just gave Bruce Lee a limitless pill. What does this mean for the future of decentralized finance and currency? It's blowing up. That's the angle we all sold on right now but let's look at all of this subjectively and see if we can learn anything from the past.
Let me start off by saying I'm an advocate of the movement and I'm 100% confident in the growth of the crypto space but their are many inherent similarities that this year is having with 2017 and we all know what happened then. I'm sure you can put the dots together.
My question I ask is simple. Is the world ready? Is the world ready to trust and believe in bitcoin as a store of value and as a safe haven. Are we ready for a Decentralized Finance environment? The answers to these questions pose a major impact on the stability and price of bitcoin and right now that's like the usd dollar to crypto.
If im being honest with myself I don't think we there yet and it seems like mass adoption is not yet where we need it to be in order for it to explode. The crypto space isn't ready nor is the world.
I am optimistic about the future so I do think we'll see major changes in the space over the next 5 years as adoption grows and financial giants invest and stabilize trust in the community. Bitcoin is a great investment but we still have to remember it's short term price movement is part of the devil. All in all I don't think that's going to change over the next few months.
Many suggest that CBDC's poses another potential threat. So we'll have to pay close attention to what's going on. Will CBDC's embrace what is already there and allow the people to have governance over the protocol or will they centralize everything and attempt to take our freedom and privacy away by controlling all assets and money. If they choose the latter they will mostlikely boost cryptocurrencies adoption with people looking for an alternative financial system.
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Until next time. Happy trading
