
Mass Adoption
- In my humble opinion, mass adoption of cryptocurrency has always been inhibited by the hurdles of technological complexity, fear of money loss, and fear of criminality.
Technological Complexity
- This has always been in my opinion the biggest hurdle to mass adoption for Bitcoin.
- Cryptocurrency, blockchain, immutable ledgers, decentralization, distributed networks, cryptography, the list of complex terms and even more complex ideas is the main characteristic of cryptocurrency and blockchain technology.
- I have frequently referred to this complexity as the Tyranny of Vocabulary Jargon, as cryptocurrency feels like the world after the fall of the Biblical Tower of Babel. A situation where we can't understand each other because the vocabulary of cryptocurrency sounds like a new language.
- Add to it the somewhat elitist snobbery that you find in many cryptocurrency projects where people who know whats going on are condfescending towards new people seeking to learn and you have almost insurmountable barriers to entry.
Fear of money loss
- Once you breech the walls of technological complexity and start to learn the difficult vocabulary yoiu are faced with an unforgiving technology, where every mistake or mistep costs you money, sometimes all of that which you have to invest.
- Once again cryptocurrency is complex, and there are no helpful salesman, no helpful phone numbers, and most people find that they need to learn all the rules of this complex ecopsysten through trial and error, a very expensive form of tuition.
Fear of criminality
- The criminals in cryptociurrency are Legends. the Mount Gox Exchange debacle, Terra Luna, FTX, and so many, many more.
- Any sane individual would associated cryptocurrency and the blockchain with criminality and rightfully fear that everyone they meet is a potential criminal, a real criminal or an opportunist.
Bitcoin ETFs solve this.
- Bitcoin Solves This is a popular rallying cry for Bitcoin Maximist and Bitcoin Proponents alike globally. It is cute, and simple, even if in actually very complex to understand and prove.
- However Bitcoin SPOT ETFs are by comparison to Bitcoin , much easierv to understand.
- Bitcoin ETFs utilize existing investment infrastructure and theirs nothing new to learn at all.
- You simply choose the Bitcoin ETF instead of one of the thousands of ETF products and your retiement fund manager does the rest.
- The BItcoin ETF instantly erases all the complexity of cryptocurrency, blockchain, cryptocurrency wallets and all the fears associated with them.
- The only new word you need to know is Bitcoin, and the rest is old stuff you already know how to do, or their is someone who will do it all for you.
- No complexity, no new vocabulary, no fear of loss and with the legitamization of Bitcoin the fear of criminality is going to become a thing of the past.
- Recently I saw a list from the SEC website showing almost 50 Bitcoin ETF applications. The sudden increase in applications is staggering, and the likelyhood of approval becomes greater and greater.
Last Word
-
Yes, in my humble opinion, this can be the biggest thing to happen to Bitcoin since it's inception.
-
The retirement fund market in the USA is more then 100 times the market cap of Bitcoin, so if less then 1% of all people buy Bitcoin they would buy all existing Botcoin off exchanges and put them in their returement accounts to hold for 20 years or more.
-
I think that will create immense scarcity and this will have predictable effects on the price.
-
What do you think?
Posted Using LeoFinance Alpha