Quote:
Originally Posted by omar coming
It's still only ~1% of the market cap of gold. And ~2% of the value of M1 USD. The expectation of it replacing either is certainly not already baked into the price.
8 years is NOTHING. How many people were using credit cards in the 60s? How many people were using the internet in 1991?
Give it time. Blockchain technology is a major breakthrough that will change the world. But it doesn't happen overnight.
This attitude is exactly why I would love to buy long term puts on bitcoin. It might take a few years before this bubble bursts though.
your credit card and internet comparison doesn't really fly btw. Credit card adoption was hurt by non acceptance in a lot of places. Bitcoin is accepted almost everywhere. And the moment credit cards became widely accepted by a lot of vendors, adoption started rapidly growing.
According to
this source, after about a decade, acceptance was already almost 20%, and that was before the internet!
And your internet example, the internet became a thing in the early 90's, and here is what adoption looked like:
Within like 7-8 years there was already a 30% adoption rate. With very little content. Adoption rate for bitcoin is probably <1% currently.
And as far as gold, cryptocurrencies aren't unique. Why would people specifically haord bitcoin, and not any of the other infinite number of crypto's?