Bitcoin and altcoins have taken a huge hit as a result of today’s bad news. Four experts on a panel discuss how bad things can become as well as best narratives to invest in.
As a result of Bitcoin’s violent dump in response to China’s prohibition of the number one cryptocurrency, over 116,000 traders and up to $450 million were liquidated in less than 24 hours.
When news surfaced that China was banning the largest cryptocurrency by market cap once again, Bitcoin’s market value plummeted by more than $40 billion.
China’s regulators and governmental officials have teamed together to combat cryptocurrency activity in the country. A coordinating system is being established by the Chinese central bank.
Anthony Scaramucci, in an interview with CNBC, thinks China’s prohibition on technology advancements, like as Facebook and Google, is a tremendous purchasing opportunity.
Kim believes China is expanding the prior ban in order to instill fear in every financial institution, and that China is preparing to launch its own state-run cryptocurrency to compete with existing cryptocurrencies for market dominance.
As networks become more decentralized, Scott Melker believes that reducing China’s power is beneficial to Crypto.
Mr Biz believes that individuals lay too much attention on their acts and that China is unimportant. People are panic selling for something that should not be newsworthy, he argues.
Scott believes that the current price drop is a great opportunity, and that Bitcoin will reach six figures, if not seven figures, in the near future.
Bitcoin Payments on Twitter
Scott thinks the news is huge, and agrees with Jack Maller that consumers would stop using intermediaries like Western Union to make payments since they charge exorbitant transfer costs, whereas Twitter lightning network payments are cheaper and instantaneous.
This is a huge chance for content creators to earn rewards, and it’s almost like a worldwide market for them to make more money, and the fact that they can do so in Bitcoin is incredible, according to Scott.
Kim says it’s not his first choice because he prefers on-chain transactions, but he feels it’s a step in the right direction because mainstream acceptance is essential.
Mr Biz believes it is significant because Bitcoin bulls will push the narrative to pump Bitcoin, which is beneficial to the market in general but not long-term.
Is Ethereum Outdated?
Mr. Biz feels that there are broader narratives in the industry right now, such as gaming and Layer-2, that will grow significantly in the near future. He claims that the Solana and Avalanche ecosystems have outperformed Ethereum.
Because Ethereum developers are active and network problems will be rectified, blockchain networks surpassing Ethereum investment returns does not suggest Ethereum will be relegated, says Scott Melker.
Long term, he is positive on “Ethereum killers,” but believes that each blockchain will find its own niche, that there will be no single network to govern them all, and that interoperability will be the way of the future.
According to Kim, the more competition there is, the better because it keeps network engineers working to improve their various blockchains.
Kim is unconcerned about which cryptocurrency would be the most popular in the future; he simply wants Crypto to replace the existing financial system.
The Most Popular Narratives To Invest In
Mr Biz believes Luna will be his best chance among the top Layer-1s, with a market valuation of at least twice its current $14 billion.
According to Biz, DOT price appreciation is likely after users realize how much of the token would be locked up in their parachains auctions.
Polkadot, according to Scott, has the most room to grow from present prices because it is underperforming. Elrond, he believes, will succeed as well due of its team and the strategies they are executing.
Kim claims he prefers Bitcoin Cash because it supports Satoshi’s objectives and he is a member of the Bitcoin Cash community tasked with increasing network adoption.
This episode premiered on September 24th, 2021.