Banter :
mainly they are hedging against state interests. It is explicitly the hedge, so it is more accurate to say 'investing in anti-government technology' than 'investing in nothing'.
Further banter :
Value is what it's worth now, not what it's worth tomorrow. So not a predictable store. But if we want predictable stores, we buy low volatility, not high. Yet right now the market is buying volatility.
A long position on BTC is a bet that the future value (no specific time) is greater than the present. Pure momentum play. The only moat it has is market share, where the supply is constrained by validators, and demand by users.
The main near term risk to BTCUSD growth is states criminalising it (replaced with CBDC), or direct competition ( BTC.D shrinks massively from 65% ) which is a matter of losing brand equity.
One direct competition vector is tech disruption, the candidates are obvious (#1 ETH, #2 SOL, etc. ). The other vector is pure marketing, which is the common case. But so far no alt-coin marketing campaign has managed to kill BTC.D (share of asset class).
In the very longer term LTC.D, BCH.D, etc. have viable claim on BTC.D because in the long term BTC is not fancy anything. They might all lose to marketing.
XRP, ADA have brand equity based on being 'more' acceptable to states than BTC (ISO 20022).
I prefer to bet on the asset class as a whole. Generally I think the TOTAL ticker is the best benchmark for this.
Further banter :
Yes, I know, it's 'not an asset'
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