I read an article today about the central bank in Switzerland that is 60% owned by the central banks of the world. It is essentially their central bank. They released a 25page report about how unsustainable bitcoin was because of how much power the mining consumes.
I subscribe to the top newsletters focusing on blockchains and their cryptos. The Editor shot such a big whole in the nonsense of the report... He listed the amount of power used by ATMs globally. Its a lot more than what is used for bitcoin mining. He gave the amount of power all the banks of the world use for their servers, desktop computers, heating and cooling. Yep, you guessed it. Many more times the size of power required by blockchain mining. His conclusion was that this kind of bunk reporting is simply another industry trying to protect their existence. It's another example of the loud and obnoxiously titled articles we see everyday on why Bitcoin will die.
I have news... There is far too many governments and industries in the background figuring out how to position themselves in blockchain technology. The savings alone will drive the adoption of blockchain. The banking industry in the US alone has calculated a saving of $39B a year.
Another technology newsletter writer recently attended the Token Summit and the conclusion was what I've told dozens of people over the past year. In 2-4 years, all stocks, bonds, ETF, funds, real estate, etc. will be tokenized and trade 24/7 just like the cryptos do today. Trust me. The blockchain future is incredible. People can either listen to the nonsense in the news and miss this opportunity or they can ignore the noise, make some investments and watch their financial lives dramatically change over the next 10 years. The market is now projected to be as large as $20T. Today it sits at $250B. Ponder on that opportunity for a minute.
By the way, nice post.
That's good to know about the power differential, bitcoin uses a lot, but not as much as legacy banking ;) Predicting the future is hard, but the trend seems to be going that way as you say. Are you buying more bitcoin now in anticipation of the future? Thanks ;)
Predicting the future is definitely hard and there is no shortage of talking heads doing just that. There was recently two billionaire Wall Streeters that put out $40T and $100T. Based on what, I don't know. But my newsletter editor was a VP for a big bank and then a hedge fund manager for 28 years. He is making his prediction using the internet as an analogy.
Boy do I wish I had more cash to invest. I'm managing my monthly cash flow to add more each month. If I had $1M cash, I would put at least 1/2 into cryptos right now. I say that based on what is happening in the background and the positioning that is happening with institutional investors, the wealthy and governments.
you are right, i am a banker and i can see all the great benefits of bitcoin over the old way banking and payment system going from Cards to ATMs to POS and merchant solutions, and overvalued shits... In the other side you have to know that the bitcoin network, infrastructure will eat a lot of peoples banking jobs and duties, which is creepy for them