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Bitcoin's value is fundamentally monetary in nature. Bitcoin itself (less so the cryptocurrency space as a whole) is about financial sovereignty, stable monetar
by Taek 6y ago
Bitcoin's value is fundamentally monetary in nature. Bitcoin itself (less so the cryptocurrency space as a whole) is about financial sovereignty, stable monetary policy, robust uptime guarantees, and resistance to manipulation in the governance.
You are _supposed_ to buy and hold Bitcoin for a long time, because Bitcoin is most important where it gives you an alternative when government money is poor (or even just as a threat to governments that are making monetary decisions - they need to know that their population has a viable alternative if their currency doesn't add enough value).
That necessarily drives a big focus on price.
- reinier 6y agoAlso, it is finally a replacement for all the IOUs in the financial system. The financial system is currently IOUs all the way down. Caitlin Long talks about this on a recent Real Vision interview. "The market structure is fundamentally built on layers of intermediaries and settlement of both securities and payments happen on a delayed net settlement basis. By contrast in crypto, the markets are decentralized, no layers of intermediaries, settlement happens on a real time gross settlement basis..."