Since the last time that I posted an update, crypto's fundamentals have only improved. Staggeringly so and in spite of a US Bill that included changes to taxing of the crypto space. Of course, it would be a conservative, that spoke out against stricter taxes around innovation in the crypto space - correctly pointing out that the next wave of world-changing technology is blockchain and pushing away innovators at this stage would be a huge mistake. The USA is perfectly positioned to continue on as the world's leading crypto innovator and beneficiary.
Seems these people have a "take $10 from one person instead of $1 from a thousand people" mentality.
And here's where it gets interesting. Sometimes, a mutation causes a benefit to a group within a species. That group may become dominant within the larger gene pool as a result. However, as further mutations adapt the group towards refining and increasing that benefit, it may simultaneously move further away from being able to cope with certain, perhaps not often encountered, situations. Here if the selective pressure is sufficient, the mutated group may be wiped from the slate completely.
The dominant financial families, groups and countries in the world have overseen a great amassing of wealth in the USA, UK, the EU and Japan. Where the mutation that has been a general benefit becomes a problem, is where these groups are heavily invested in centralised banking and finance. Decentralising financial systems that the wealthiest and most influential have built legacies on top of will always be met with resistance. It's inevitable that a redistribution of wealth is set to occur and is exactly what game theory predicted.
If old money blocks new innovation in these countries as, in some way, seems to partially be the case with this US infrastructure Bill, then it opens up the door for those that have been less dominant on the world financial stage to accept and run with crypto.
Here are some of the fundamentals mentioned above...
1) Institutional money pouring in and with a lot more to come. This Headline from Forbes -
Institutional Money Is Pouring Into The Crypto Market And Its Only Going To GrowSource Article2) Adoption rates "Users store their personal data in wallets. It works like a regular wallet or bank account, just in digital form. By Q4 of 2020, there were 63M wallet owners, but that number increased by 3M by Q1 Of 2020."
3) Bitcoin's market cap has now exceeded that of Mastercard . This quip being the most poignant of the day - "For everything else there's Bitcoin."
50 years on, people are looking back at how productivity has increased by 246% to compensation's 115%. This is a website dedicated specifically to exploring what happened with Nixon and gold in 1971, and what has transpired since. WTF Happened in 1971
This, from a different article, says quite concisely what the citizen's rights as regards his wealth are. It's quite clear that decentralised finance offers the best solution on all levels. And this isn't going unnoticed by the many people/insitutions that are getting involved.
"Huge opportunities exist in [the field of decentralized currency] globally, so it’s very important for us to look, understand, put in question and compare the real benefits of our current mainstream payment technologies to the disruptive technologies entering the marketplace. If you’re a consumer or a merchant, a government, even a financial services provider, what’s really critical is that your, your clients’ or your constituents’ productive value is not eroded or co-opted unnecessarily, that you’re given the choice to control, absolutely, your own wealth and that the system you use is secure, protected and unforgeable."