First Turkey and now Venezuela demonstrate the strength and importance of monetary sovereignty which can be provided by true decentralized cryptocurrencies like bitcoin. While other can come into the space, bitcoin will continue to lead in adoption which is truly the most inportant factor for current valuations, not the ETF. The ETF, if approved (which I doubt for the short-term), will only bring in speculative capital which will not help adoption. If no one uses bitcoin, it creates no value in the long term. Therefore, solutions to adoption like security, interface and scaling are of the upmost importance. I don’t mind a $6k bitcoin for an extended period of time while this development continues.
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Bitcoin and other cryptocurrencies are really a great asset which provides monetary independence.
I feel like this is 2014-2015 all over again :-D! We saw a wave of economic disruptions that caused countries like Greece and Cyprus to further adopt crypto. If worldwide inflation continues at this rate we will need a solution very soon and deflationary currencies might just be it.