…In 12 years that we’ve had bitcoin, we haven’t actually tested its fragility. It sounds crazy but we’ve seen bitcoin recover from a stumble. Sure, we’ve seen the ups and downs but we haven’t seen what happens when it really falls down hard. At the moment bitcoin is the preeminent leader in crypto. It has the most adoption, the most holders and the highest value – but unlike businesses, unlike property, unlike gold and other asset classes, if the value disappears there is no real underlying utility which guarantees a bounce back.
A different cryptocurrency or another asset class born out of the next crash, that is somehow better and offers even better features, could easily take bitcoin’s place, taking advantage of the situation – and if that happens, that bitcoin that you were buying for 34,000 might seem like a very strange and very awkward hazy dream.
Eulogy made by Sasha Yanshin