$CL Crude has held the 200 week moving average since February of 2021.
$2 bucks from breaking below it. We broke below it in January of 2020 weeks before COVID started to rock markets
If you are a little loose with others, you will not always be disappointed; if you are a little strict with yourself, you will not always be frustrated.
Been hearing the "crypto has no intrinsic value" argument a lot lately.
Hearing that it derives its value from "nothing but speculation." Some even call it a huge Ponzi scheme.
Here are 5 reasons why that is a REALLY bad take and why crypto will be more valuable than fiat 👇
1. Crypto is a NEW asset class:
Like it or not, people trade it to generate additional income. It is an investment vehicle, by definition. It has unique characteristics and doesn't fit neatly into the traditional asset classes (commodities, equities, currencies, etc.), and therefore warrants its own.
It has been the best-performing asset class since Bitcoin launched. As it matures, it will become less volatile and more widely accepted as a sensible portfolio addition.
2. It IS a currency.
A currency is anything that is widely accepted as a medium of exchange.
Yes, we are early, but over 100 million people use crypto already, and some estimates are as high as 420 million current users, led by USA, India, and Pakistan. Adoption has exploded and will likely continue as it becomes more widely accepted and trusted as a currency.
We’re already using P2P cash apps daily. I just paid a friend for a pizza with Venmo. Switching to crypto wallets doesn’t require a huge leap for most.
3. It HAS value
They're right. It has no intrinsic value. BTC and other cryptos would be worth very little on their own and without acceptance or trust.
But so would your government's fiat currency. Just like Bitcoin, fiat derives its value from widespread acceptance and people’s trust in the system (the government)
3.1 Acceptance:
You are required by law to accept fiat currency (legal tender). But that doesn’t mean we can’t collectively decide to accept other currencies. That is exactly what we're doing.
3.2 Trust:
Public trust in the government is at an all-time low in the US and many other countries. The US debt/GDP ratio is 128% - the 12th highest in the world, sandwiched between Mozambique and Djibouti. Inflation continues to be an issue and banks are failing.
Is it really so ridiculous to imagine more trust being put into a decentralized alternative financial system? People are starting to trust a trustless system.
With worldwide trust and acceptance, crypto will be worth more than any national currency.
4. It is MORE than just currency and a financial instrument
Blockchain technology solves problems and provides utility beyond financial gain, a store of value, or a payment method.
Smart contracts, DAOs, identity management, digital security, servicing marginalized populations, and intellectual property management are just a few examples of use cases. My $USD can’t do any of those things. I checked.
5. The future is digital and DECENTRALIZED
Even major corporations and governments know that the future is digital. Amazon is launching an NFT marketplace. The Fed is launching FedNow. Cash usage decreased by 33% in Europe between 2014 and 2021. Central Bank Digital Currencies (CBDCs) are being launched. E-commerce and social commerce are exploding. Over 3 billion people use one of AliPay, WeChat Pay, or Apple Pay. Do I need to go on?
The next evolution of the internet, web3, is developing fast and emphasizing decentralized applications/systems and blockchain technology.
This is the future. Crypto is the future.
Made it to the end? You're a legend.
Give it a RT and talk to your neighbors about crypto.
📢CALLING ALL SINFLUENCERS!
Which of you are happy to endorse my new campaign? #RADR
Shining a spotlight on those indie artists who have been here for tiiime & don't get nearly the amount of recognition they deserve. And who will do it for FREE! For the good of #cNFTs
Join us for another Macro Musings episode, this time with the overpowered combo of @VivalaCoinBTC and @Hobbjw 💪
Market talk without the fake hopium. Education over hype. 🧠
https://t.co/2hrk8dDvR2
Another NFT Friday Show in 4 hours ⚔️
Catching up with Mfer @Hoodro_Wilson about the upcoming @OldMoneyNFT MX bills.
Also talking to @OTKraken 🏴☠️
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⏰7PM UTC
Cardano NFTs are not dying. They're evolving and adapting in a bear market.
#Cardano is growing, DeFi is booming, a decentralized future is looking bright, and the NFT space will always be a part of it.
3/ @CardanoThor
There isn't a medium Cardano Thor isn't on.
But I love his NFT Brew newsletter which updates you on everything in the Cardano NFT ecosystem in the past week.
It's super detailed with everything to keep up with from drama to mints.
He is a renaissance creator.