If the major banks will be using Ethereum, where would that leave Bitcoin?
To preface the below, I think the immediate risk to bitcoin right now is money flooded in during October and November which tripled it’s value. That is a 2 month trend which people are now using to work it into trillions…… it’s possible of course but it’s similar to scoring the first 2 points in a basketball game then claiming you will score another 100 in that game.
Right now, I do believe bitcoin is a competitor to gold. On that basis I can now accept an argument that any crypto is a competitor to any commodity exchange because they all share a likeness which is they are essentially nothing.
If you have traded commodities and contracts you most likely traded things that don’t exist. Therefore just like trading metals, shares, wheat, corn, you can trade cryptos.
I think what we are seeing now is the sparks trying to create a new Dow Jones market but on a global scale. The Crypto market filled with hundreds and thousands of cryptos constantly being traded just like shares. Why not? If I buy shares today it’s not because I want a dividend or because I want to buy the company, it’s because I am speculating I will sell it for more money.
Today if we say there is $300B in crypto currency and then $3T comes in (which is very low in terms of resources) then it most likely would be a tidal wave lifting everything already in play.
For anything of note to happen we need the major banks to be on board because they control everything. This is why the Ethereum alliance is a milestone moment. This is why Eth is tipped to outstrip bitcoin by the end of next year. So either bitcoin loses and it goes to Eth or bitcoin holds/grows and MORE capital flows in to float up ETH. If that event happens then I’d say that is a sign we will have a new global market in cryptos that will rival commodities and shares.
