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Does Bitcoin Still Deserve To Be In The Spotlight?

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Does Bitcoin Still Deserve To Be In The Spotlight?

A Serious Question That Needs To Be Addressed

Daton Pope
Sep 25, 2021
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Does Bitcoin Still Deserve To Be In The Spotlight?

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Introduction

Earlier this week, an intriguing article was released on CoinTelegraph. The overall premise of said article was that the most interesting innovations within the space are happening outside of Bitcoin. The author also listed the sectors where these innovations are taking place.

Something is brewing, and those with finely tuned noses can smell it. As traders have come to expect, Bitcoin (BTC) is doing “Bitcoin things” by bouncing around between the usual “key” support and resistance levels, and to be honest, it’s all starting to feel a bit boomerish…...Decentralized autonomous organizations (DAO) are hot, nonfungible tokens (NFT) are hot, play-to-earn gaming is hot, and metaverses are hot. - CoinTelegraph

With all of the recent BTC FUD, threats or regulation, and the price movements of altcoins being tied to the price movement of Bitcoin, it has led us to ask a very serious question. Should Bitcoin still be the star of the show or should we be looking at other crypto sectors? First, let it be known that this is not an indictment against BTC. Bitcoin is the reason that we’re all here today enjoying this glorious industry that we’ve been building. For that, we will forever be grateful to the King of Crypto.

However, things change and so do industries. Throughout history, we’ve seen plenty of Titans (both human and inhuman) fall or be forced to take the backseat to a greater force of nature. Sometimes we have to know when the signs of the times are upon us. Again, this is not an article to cause FUD. We’re simply here to make or break the case for BTC remaining the darling of the cryptoverse dance. Every so often, it’s healthy to reassess the space in order to understand where things are headed.

Twitter avatar for @SecretsOfCrypto
Secrets @SecretsOfCrypto
The technology in the #altcoin space is so far beyond #bitcoin. Don't be surprised when $BTC is one day dethroned. #crypto
4:37 PM ∙ Jun 1, 2020
825Likes90Retweets

NFTs

  • If you haven’t been living under a pile of rocks for the last six months, you’ve likely heard the letter NFT more than you can count.

  • This year has been absolutely explosive for NFTs. We’ve seen them sell for millions of dollars. One monumental example is the digital artist named Beeple auctioning his NFT art piece – The First 5,000 Days – off at Christie’s for $69M.

  • We’ve also seen certain CryptoPunks sell for as high as $11M. 

Twitter avatar for @ChristiesInc
Christie's @ChristiesInc
.@beeple 's 'The First 5000 Days', the 1st purely digital NFT based artwork offered by a major auction house has sold for $69,346,250, positioning him among the top three most valuable living artists. Major Thanks to @beeple + @makersplaceco. More details to be released shortly
3:04 PM ∙ Mar 11, 2021
6,478Likes2,220Retweets
  • This has led some within the crypto community to come to the conclusion that NFTs may be a better store of value than Bitcoin.

Twitter avatar for @BitcoinIsSaving
Bitcoin is Saving @BitcoinIsSaving
“NFTs are better than Bitcoin because NFTs incentivize the production of good art instead of bad carbon emissions. Art is more important than sound money, you’re not creative enough to understand, it’s very nuanced. Money is boring, art is exciting, be open minded and welcoming.”
3:04 AM ∙ Mar 6, 2021
175Likes12Retweets
  • It’s tough to argue against that fact when you have projects like Bored Ape Yacht Club and CyberKongz sitting at approximate floor prices of 38 ETH and 90 ETH - 100 ETH respectively.

  • Keep in mind that these two NFT projects have not been in existence for a full year yet. 

Source: OpenSea
Twitter avatar for @eddyiskongz
EddyisKongz @eddyiskongz
Seems the @CyberKongz genesis floor will hover around the 90-100 ETH price point +- some; babies hovering around 5 ETH, VX around 1 ETH and banana staying around $40. Looking back a few months ago maybe you wished you got more genesis however VX are still in reach. KONGZ RISING
Twitter avatar for @CyberKongzBot
KongBot @CyberKongzBot
CyberKong #422 was adopted for 90.0 ETH ($305573.04) https://t.co/619PFLDxEe
2:10 AM ∙ Sep 19, 2021
  • CyberKongz holders even generate a passive income of $150k per year from the $BANANA currency that is allocated to them every day.

Twitter avatar for @beaniemaxi
Beanie @beaniemaxi
CyberKongz currency $BANANA is at $43, meaning these genesis Kongz can earn over $150k per year at this rate. Not saying to speculate (talking my book), but @MetaHero_ Generative Identities have a 6 ETH floor and you must have one to stake for $POW. This is the in-game currency.
Image
Image
7:50 AM ∙ Sep 18, 2021
385Likes49Retweets
  • Now, is it a possibility that we’re in a hype cycle/bubble, and everything will eventually correct with most of these NFTs becoming absolutely worthless? It most certainly could be. I’d even go as far as to say that it’s inevitable.

  • However, the blue chip projects like the ones listed above will retain their value, and likely become more valuable. Which means that holding a blue chip NFT could be better than holding one Bitcoin.

Metaverses

  • This is probably the most anticipated sector of crypto. There have been talks of emerging metaverses throughout the industry. Major companies have even been getting in on the action.

  • Jack Dorsey – who happens to be a huge Bitcoin maxi – just announced that Twitter users will soon possess the ability to verify their NFT avatars on the platform. Whether intentional or not, he’s helping lay the foundation for a real world metaverse.  

Twitter avatar for @CryptoCobain
cobie @CryptoCobain
Bitcoin lightning network tipping on twitter is cool but verified NFT avatars if implemented well is going to be the first layer of the metaverse. Extremely cool
5:10 PM ∙ Sep 23, 2021
6,180Likes652Retweets
  • Metaverses are playing a huge role in mainstream adoption. Even the biggest celebrities in the media are starting to dive head first into the sector. Snoop just announced his partnership with The Sandbox Game, where he will have his own land inside of the metaverse. 

Twitter avatar for @SnoopDogg
Snoop Dogg @SnoopDogg
I’m entering the #metaverse with @TheSandboxGame !! #TSBxSnoopDogg #NFT sandbox.game/en/snoopdogg/
4:25 PM ∙ Sep 23, 2021
8,257Likes1,947Retweets
  • The successful implementation of metaverses creates a bullish scenario for crypto regardless of the success or failure of Bitcoin. Again I ask, why should Bitcoin be the star of crypto?

DAOs

  • The importance of DAOs is a topic that we briefly discussed in the article: The Issue With Centralization In Crypto And How We Can Solve It. Be sure to check it out if you haven’t already.

  • DAOs are revolutionizing the way organizations, communities, corporations, foundations, and teams are run and maintained.

Twitter avatar for @DeFiSunrise
DeFiSunrise @DeFiSunrise
I don't think it will be long until large organizations and companies are owned by Daos. Imagine thousands of anonymous strangers profit sharing sports teams, selling NFT merch, metaverse games, etc. The future looks bright for retail investors. #Crypto #Ethereum #NFT #DAO
2:40 PM ∙ Sep 18, 2021
  • The legal structures of DAOs are currently being defined and mapped out.

Twitter avatar for @jakewittman
Jacob Wittman @jakewittman
👋🏻 DAOs are the future & I couldn’t be more happy to be practicing at a law firm that allows me to critically think about the legal structures around them.
Twitter avatar for @MarcGoldich
𝗠𝗮𝗿𝗰 𝗚𝗼𝗹𝗱𝗶𝗰𝗵 @MarcGoldich
I know plenty of serious lawyers building serious legal practices focused on DAOs.
11:28 PM ∙ Sep 24, 2021
21Likes1Retweet
  • DAOs also present the opportunity for the relationships between VCs and investors to be dynamically changed for the better. VCs oftentimes have a hard time finding the best startups, and startups have a tough time finding a good VC. 

  • Venture DAOs can help facilitate better deal flow.  

Twitter avatar for @joel_john95
Joel John @joel_john95
decentralised.co/the-future-of-… Some thoughts on how venture based DAOs are slowly changing the dynamic between funds and founders as we head into the 2020s. Made some bold claims on why they matter, its impact on analysts and how VC funds can position themselves. Take a look :)
decentralised.coThe Future of Venture Capital Will Be DecentralisedHey there, Joseph Schumpeter coined the term creative destruction [https://economics.mit.edu/files/1785] in 1942. Its core idea is that over time, capitalism tends to shift systems towards efficiency. Replacing old, outdated ways of doing things. Web3 and its constant evolution means we can see t…
6:33 PM ∙ Sep 16, 2021
59Likes11Retweets
  • If BTC went away tomorrow, it can be argued that the space would be hugely impacted, but eventually we would recover and DAOs would continue to become a societal norm.

DeFi

  • It is no secret that DeFi is here to stay and continuously redefining everything we’ve come to understand about traditional finance. The projects in this sector take the blueprints of old school finance and completely reconfigures them in the most innovative ways.

  • At the time of writing this, the current TVL in DeFi is approximately $169B. Though that may be a far cry from BTC’s $808B, it’s still pretty early for this sector. Also, institutions are just now starting to build up enough courage to dip their toes into the DeFi pool.

Source: DeFi Llama
  • Coinbase is currently on a mission to help institutions transition into DeFi. Once that happens, a TVL of $169B will more than likely be a thing of the past.

Twitter avatar for @coinbase
Coinbase @coinbase
🔴Live now #BUIDLCrypto: DeFi for Institutions Is DeFi a hype or an opportunity for institutional investors? Hear from crypto experts on how your organization can embrace decentralized finance and glean predictions for the future of DeFi. Tune in 👇 https://t.co/2EMFHKqfQK
7:15 PM ∙ Sep 21, 2021
789Likes153Retweets
  • Even Kyle Samani of MultiCoin Capital – one of the largest VC Funds in the crypto industry – admits that he once used to believe that BTC had no competition. However, he recognizes that DeFi has a real purpose.

Twitter avatar for @KyleSamani
ksam.sol @KyleSamani
I used to agree with this Bitcoin is a religion I think DeFi is a bigger and better religion than 21m hard cap Far more accessible and understandable and actually creates value
Twitter avatar for @TusharJain_
Tushar Jain 🎈 @TusharJain_
The biggest difference between Bitcoin and Ethereum is that Bitcoin has no plausible competition
8:26 PM ∙ Apr 11, 2021
94Likes1Retweet
  • Edgar makes some valid points about Bitcoin Maximalism in this current climate.

Twitter avatar for @EdgarAronov
edgar.eth 🦉 @EdgarAronov
You need to be straight-up delusional if you're a BTC maxi in 2021. @Uniswap does $1b of volume within 24h @AaveAave $5.35b locked by users @SushiSwap yields over $32m per month to their token holders through fees (not even 1-year-old) while having $5b locked The list goes on
6:48 PM ∙ Mar 20, 2021
713Likes96Retweets

P2E Gaming

  • Outside of NFTs, P2E gaming has been all the rage. Since Axie Infinity set the P2E gaming world ablaze this year, the enthusiasm around P2E gaming has gone parabolic.

Twitter avatar for @enjoicrypto
Ξnjoi 💰👻💰 @enjoicrypto
Dapper Labs just got valued at 7.6billion but @AxieInfinity has higher 30 day volume (by >20x) 3 land sales coming. Battles V2 coming. Land Gameplay coming. Ronin Contracts (Dex) coming. etc. At 3.5b Marketcap, $AXS is SOO undervalued. Thanks for the tip brother @Fitchinverse.
Image
Twitter avatar for @Fitchinverse
F//tch @Fitchinverse
As @LilMoonLambo pointed out Dapper Labs just got valued at 7.6 billion but Parallel has higher 30 day volume. After one pack drop… I think you can see where this is headed. https://t.co/xFOtveroKY
8:01 PM ∙ Sep 22, 2021
112Likes28Retweets
  • Right now, this sector is extra hot and still extremely undervalued. We have projects like Star Atlas and Illuvium that have already achieved market cap valuations in the hundreds of millions even before the games have been released.

Source: CoinGecko
Source: CoinGecko
Source: CoinGecko
  • Axie Infinity, Star Atlas, and Illuvium are only a drop in the bucket when we look at the blockchain gaming industry in its totality. There will be bigger games that will emerge.

  • Also, none of these games were built on the Bitcoin blockchain.

Bitcoin

  • Here’s the moment you’ve all been waiting for. This is the part where we examine Bitcoin in an effort to answer the question that was asked at the beginning of the post. Does Bitcoin still deserve to be in the spotlight? Let’s see…..

  • Well for one, whales are buying every Bitcoin dip like it’s going out of style.

Twitter avatar for @AbraGlobal
Abra @AbraGlobal
Just remember one thing: big institutions are buying Bitcoin. bit.ly/3hCaWCy #Bitcoin #Microstrategy
bit.lyMicroStrategy And Other Whales Continue Bitcoin AccumulationWhile the bitcoin price has been dipping, those with the most bitcoin continue to add to their stack.
1:10 AM ∙ Sep 17, 2021
32Likes6Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive 🗄🚀🌔 @BTC_Archive
Don't be distracted by FUD. The accumulation of #Bitcoin by patient buyers has been relentless. These price dips are from ST sellers. See charts👇 Long-Term HODLers have been buying BIG.
Image
11:15 AM ∙ Sep 24, 2021
2,307Likes484Retweets
  • Bitcoin is also a household name. It is probably the most widely adopted cryptocurrency to date. Take a look at the numbers.

Source: Buy Bitcoin Worldwide
  • Now there are nuances to these numbers (which you can read about in the linked article), but these still are not numbers that are to be taken for granted.

  • Last but certainly not least, Bitcoin is at the center of both of the most monumental moments in crypto history, which are:

    • The creation of the first cryptocurrency (Bitcoin)

    • The adoption of cryptocurrency as legal tender when El Salvador adopted Bitcoin.

Twitter avatar for @exodus_io
Exodus @exodus_io
El Salvador became the first country to adopt #Bitcoin as legal tender on 7 Sep 2021. Find out how history was made and the freedoms it gives to the average citizen on the street 👇 youtube.com/watch?v=zyXXXO…
youtube.comEl Salvador Bitcoin News: Bitcoin legal tenderEl Salvador Bitcoin News: The Bitcoin fire which started in the small Salvadoran surf town, El Zonte, widely known as Bitcoin Beach, has spread across the co...
2:02 PM ∙ Sep 22, 2021
69Likes9Retweets
  • El Salvador could have chosen any other cryptocurrency, but they chose Bitcoin.

  • Actually, it doesn’t just stop there. Here are a few other historic events that have taken place.

Twitter avatar for @RyanDelongpre
Ryan DeLongpre @RyanDelongpre
Are you paying attention yet? Aug 2020: Microstrategy becomes first public company to buy #bitcoin Feb 2021: Tesla buys 1.5B of #bitcoin Jun 2021: El Salvador becomes first nation to adopt #bitcoin as legal tender Sept 2021: Twitter releases #bitcoin payments worldwide
10:42 PM ∙ Sep 23, 2021
2,529Likes577Retweets
  • Besides, let’s be completely honest. The majority of users in crypto are flipping altcoins to accumulate more BTC or ETH, not the other way around.

  • Jay Gould and Spencer Noon expressed their thoughts about the sentiment of Bitcoin being viewed as boring.

Twitter avatar for @jaygould
Jay Gould @jaygould
If #Bitcoin is boring to you, you’re a good Bitcoiner.
9:34 PM ∙ Sep 22, 2021
1,042Likes61Retweets
Twitter avatar for @spencernoon
Spencer Noon 🕛 @spencernoon
Bitcoin is so boring the institutions are now buying it :)
7:52 PM ∙ Sep 19, 2021
97Likes6Retweets
  • No other coin’s, token’s, or particular sector’s market caps comes close to the market cap of Bitcoin – which is approximately $808B at the time of writing. Is this likely to change? Probably, but we’re talking about the present moment.

  • Now, there are about 30 other facts that I can reference, but that would make this article extremely long. So, we’ll end it here.

Conclusion

  • Now that we’ve taken a deep dive into whether or not Bitcoin still deserves to be in the spotlight, what’s the answer? The truth of the matter is that despite what we may think, the ultimate decision maker is the market itself…..and guess who makes up the market? It’s you! 

  • So, it’s up to you to determine how you ultimately feel about Bitcoin and its current state. If Bitcoin deserves to remain the star, then it will be just that. One thing is for certain, it will forever be etched into history as the coin that changed the world. 

  • Will Bitcoin ever be dethroned? Only time will tell….but for now, I’m cool with it remaining on top. What say you? Lastly, I’ll leave you all with a quote from Peter McCormack that seems to put everything into perspective.  Long Live Crypto!

Twitter avatar for @PeterMcCormack
Peter McCormack @PeterMcCormack
Bitcoin is boring, it moves slowly to perfect money. Dog coin and Penguin JPEGs are so much more fun. I feel like I’m in a conference room in Vegas, watching people have fun through the window. Some will get rich and some will get rekt, in the end none keep their casino chips.
12:07 AM ∙ Sep 23, 2021
337Likes27Retweets

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Does Bitcoin Still Deserve To Be In The Spotlight?

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