The future of cryptocurrencies and fiat money is complicated. Bitcoin maximums argue that Bitcoin will go to infinity due to the limited 21 million supply, while fiat money could still move into cryptocurrencies through stable coins.
Market manipulation claims are causing concern for investors and may be delaying the approval of ETFs for Bitcoin due to insufficient volume to support the price. This is also raising questions about portfolio construction.
The creation of a global currency is challenged by the difficulty of achieving a decentralized distribution of coins, as large players with capital and resources would have an advantage in owning a significant portion of the money supply, making it impossible to conceive how it could become truly global.
The price of Bitcoin has risen dramatically since 2012 and Coinbase has been a profitable investment, but holding onto Bitcoin for nearly a decade is a rare feat.
Despite not skyrocketing during the COVID crisis, crypto has proven to be resilient by not collapsing either, with the holder base increasing as a true wealth protection mechanism for many, showing its worth during uncertain times.
This podcast delves into the story of Mt. Gox, the prominent Bitcoin exchange that was processing over 100,000 Bitcoins a day before unexpectedly shutting down and losing millions of dollars worth of Bitcoins.