Don’t hate crypto, it is the future of the internet

- Advertisement -

Comment: Longer Look at the Cryptocurrency Crash

- Advertisement -


- Advertisement -

In the wake of the (most) recent crypto crash, it’s tempting to jump on the Nasair bandwagon.

The Financial Times recently wrote The moral case against crypto, Crypto evangelists are saying “trusting the ‘more foolish’ … continue to believe … lie and perpetuate their dishonest plans.”

- Advertisement -

In the Evening Standard this week, Andy Bell, founder and CEO of leading investment platform AJ Bell, said: “It’s not helpful, you’ll never find me advocating crypto, it’s fresh air and promises. People have done well. Invested in trust. He has lost his shirt, his trousers and his underpants.”

But when money is lost it becomes easy to point a finger. Therefore, it is pertinent to put recent events in perspective.

The Internet has become so universal that we may have forgotten its wild western days. The dotcom crash saw individual investors lose $5 trillion by investing in stocks (yes shares).

But we all know what happened next – huge investments in tech companies created the infrastructure and foundation upon which the modern Internet was built.

Compared to Dotcom’s loss, the current total crypto market capitalization is only $1.2 trillion, Luna has lost nearly $1 trillion in value since its eruption.

But is there any reason to think that the future of the crypto markets is positive? Is there any long-term value in the underlying technology that could justify a more bullish outlook?

To answer the first question it is worth comparing adoption rates for crypto versus internet. Others such as the World Bank, and Deutsche Bank have testified that adoption rates are remarkably similar.

The technology-driven hype cycle (like we’ve seen recently in crypto and experienced in the dotcom bubble) is nothing new – those interested should research how railways were built, or indeed today’s telecommunications. infrastructure. Longer term of useful technology encourages adoption of promotional cycle.

But what is the usefulness of crypto? By now most people have heard the term Web3, referring to the next generation of the Internet powered by blockchain. Web3 promises an Internet where users own and control their data while reducing the risk of exploitation by third parties.

In Web3 users will get paid reasonably for using the Internet (yes, you can get paid to surf the web) or opting to share data.

Blockchain is the mechanism through which conversations are tracked and provides a record, which can be kept private and secure. It provides control over your digital footprint. Crypto assets are the mechanism to capture value in this future state.

Some of the world’s most successful investors believe in the vision, such as Andreessen Horowitz, who doubled down on his commitment to investing in crypto and who compared the long-term opportunity to “the next major computing cycle” after the PC in the 1980s. We do. Internet in the 1990s and mobile computing in the early 2000s.

Sure, there will be hype cycles, false celebrity endorsements, crypto bros, and the occasional bored ape to bear, but I think this is a future we can all ride aboard. Isn’t it?

Phil Holbrook is the CEO of Bond 180 and a technology entrepreneur

Credit: /

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox