I feel that I should write an article about the future of Bitcoin and cryptocurrencies, there is not often a time when people are interested. And I'll tell you the main thing right away. There is no reason at all why the capitalization of Bitcoin should be less than the capitalization of gold. Further, without pictures, a philosophical explanation of this point of view.
There is no reason at all why the capitalization of Bitcoin should be less than the capitalization of gold. Moreover, it was the physical properties of gold, and more specifically, its physical limitations, that gave life to such a phenomenon (new in the history of money) as fiat currencies. Ask yourself a question - could fiat currencies exist if gold had the property of intangible transmission and transmission over any distance? No, of course, they couldn't. Because fiat currencies are originally IOUs for gold - a more convenient, "paper" form of gold. And only later did money develop in the form of gold and foreign exchange and other derivatives, which they are now. If gold were not so bad and inconvenient, then no currencies would arise at all. And today even paper receipts are not as convenient as entries in the VISA system.The day before yesterday it was inconvenient to ship gold across the ocean. Yesterday it was not convenient to ship paper across the ocean. Today even database records are not convenient to ship across the ocean if the database is not a blockchain. The entire current financial system, with a lot of sovereign money of all sorts, is not only a remake (how many years has it existed?), But also a remake with three-story props and props. Don't you believe that the financial system is designed flawed? In my opinion, no one doubts this already. See what's going on. Even stocks are already beginning to possess the properties of money. Raw materials are already beginning to partially possess the properties of money. I'm not even talking about real estate, which almost immediately began to play the role of big money. None of this is normal. This was not the case with gold.With gold, everything was clear - gold had the properties of maximum liquidity both inside and out. Not absolute liquidity, but near that. And now gold has liquidity only "in a certain sense", very conditional.
I study market liquidity on a daily basis and I can say for sure - it is liquidity that determines the price. High liquidity - high price, low liquidity - low price. It is a fact. It is not the "dynamics" of supply and demand that determines the price; there is no dynamics on the market (and it cannot be at today's information transfer rates). Only liquidity determines the price. A billion dollars in one dollar bills and one bill would have different liquidity. Likewise, your 1,000-dollar bank account and your billion-dollar bank account have different liquidity. Moreover, the same million dollars won in the lottery or obtained by criminal means also have different liquidity, and you understand this when you conduct business honestly, yielding in income.
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So tell me why the blockchain, or the DAG of Bitcoin, within which there will be a market for the speed and probability of a transaction (which is not there today), is not the final solution?