Bobos & Wojaks

Get rich or die tryin

Even If Everything Is Crumbling Right Now, Here Are Five Strong Reasons To Stay Bullish

  • Several hundreds of millions of people hold & use crypto worldwide

It’s hard to get an accurate estimate, but the best source I could find states that there are at least 300 million people holding crypto in the world. We definitely got mainstream last year, and the sheer amount of users makes it unlikely everything will go to zero anytime soon.

  • Energy consumption of crypto will go down a lot, very soon

This week, the US Congress is holding hearings about the energy consumption of cryptocurrencies. People are concerned about this, but here’s the thing : the second biggest coin out there by market cap, ETH, will switch off proof-of-work forever in six months. This will cut down its energy consumption by about 99% – and the same goes for every ERC-20 tokens and every ERC-721 NFTs out there.

  • Use Cases are becoming more and more apparent

Unbanked people in Argentina are using the Binance Smart Chain to accept payments. Major credit card companies such as Visa and MasterCard are launching crypto products. Web3 social media is rising fast – same for P2E blockchain-based games. ENS domains are becoming a thing. The list goes on and on.

  • Institutions are getting onboard

While it may take a while, pension funds, hedge funds and state-sponsored sovereign funds are getting interested in crypto. About 7 out of 10 institutional investors recently surveyed by Forbes planned to buy and hold crypto. Medium-term, this will make our assets less volatile, with blue-chips such as ETH and BTC being seen as “internet bonds”.

  • The most brilliant minds are getting into crypto

The crypto job market is in a frenzy. Developers are leaving web giants to go work for CEXs, L2 solutions, fintechs, etc. An Ethereum developer can get $300k/year nowadays. Cryptography research is going very well, and concepts such as zero-knowledge proof are already being used in protocols. For those “in it for the tech”, the future looks bright.