Nice level headed take as usual.
This is slightly off topic (at least, from a timing perspective) but do you see Bitcoin eventually losing its market position as the premier crypto? I don't think this downtrend is that moment but it's something I worry about. Bitcoin still has some significant advantages (hash rate leading to network security, fully tested cryptography, good dev environment, fiat on-ramps, de facto trading pair for alt coins, institutional focus, eventual ETF) so I'm not discounting it at this point. But it seems to me, none of these are impossible to overcome for ETH or any other 'alt'. ETH already has seen an explosion in fiat on-ramps and non-fiat, non-BTC trading volume in the last few months - what compels people to keep using BTC as a trading currency? Especially since moving it between exchanges is now completely impractical. Personally I think that if Bitcoin can't solve its transaction issues it will slowly be replaced by something else, whether that be ETH (my bet) or something else. Once an ETF for Bitcoin is released, and regulators are forced to admit the world hasn't catastrophically ended, what stops an Ethereum ETF from being created? Not much... so in the end, my question is: is institutional interest (and the money that comes with that interest) enough to keep Bitcoin at this level on the long-term? And what tends to shift institutional interest over time?
Would love to read your, or anybody else's thoughts on this.
RE: Crypto Dives AGAIN? Trading and Some Warnings