Bitcoin & Ethereum are commodities here's why Hive Should be 3rd pick
Bitcoin & Ethereum are commodities here's why Hive Should be 3rd pick
Goood morning Lion's it is Monday morning here in the land down under and what a wonderful day to be alive, active and just able to participate in things. We often take the small things for granted at times, it's important to sit back and just smile.
So it's been a fantastic weekend despite markets not reflecting high trades and turn overs but the news that has been coming our through the current court cases is helping shine a light on future progress within the broader Crypto currency market.
While many investors remain spooked I believe there is going to be some nice change in the near term future, an emergence of more Crypto bull's leading to another bull run is likely. I am not pretending to foresee the future as anyone can say that the future will hold a bull run, no doubt it will. But there is new information that will likely start circulating over the next few weeks.
Two day's ago our article showcased a market defining desicion where a court found Bitcoin a commodity. This also extended to Ethereum.
Litecoin must be too
A month ago we touched on Could Litecoin be the next big thing? given that it's development was a fork of Bitcoin and it remains extremely similar, this would put the token in the same class and category as Bitcoin.
As it turn's out, I wasn't the only one with the same thoughts as Litecoin has become one of the top 10 traded crypto currencies . It come's at a time as the article above mentions, traders are expanding their interests to tokens outside of Bitcoin and Ethereum hoping to make a gamble on other possible net wins.
Will Litecoin be a winner? it's anyone's guess and while we can not be sure on it's classification given it operates in the exact same way as Bitcoin it is probably going to fall within the same category.
But there was also another important classification in relation to the article published surrounding decentralisation which leads to why Hive should be high on anyone's radar.
Hive might not be a security based on
While there is no definitive response or view on Hive currently there is a good chance that Hive will also be classed as a commodity and even a possible currency rather than a security. Hive is earned through working and can not be mined or even minted without producing more work.
Given it's ability it can not particularly be classed as a security and the bigger catch it is that it may meet the courts finding around decentralised protocols and how they can't be sued.
The court case found participants who got scammed using Uniswap were unable to sue it's creators based on what someone else did and as Uniswap developers had no control over the contracts as they operate anonymously and autonomously they do not meet the courts threshold of having caused harm.
So given that Hive is in a prime position to be the third pick after Bitcoin and Ethereum and given that it is a functioning products with millions of users regularly undertaking work on the platform to receive an income. It is more of an economy and currency. Although that would require someone driving that position.
Crypto Charts Moving Up
For those that haven't been paying close attention it might appear that the crypto charts are negative or moving sideways but upon further investigation this is not the case as we can see, while there have been some dips along the way, the market over the past year has been moving in an upward trajectory. This indicates that more money is coming into the sector and unlike the spikes we experiences in 2021, they're slow progressive moves forward.
We can probably expect to see this trend continue and unless there is another pandemic that causes trillions of dollars of economic stimulus to be pumped into people during a lockdown, we probably won't see large spikes as we did in 2021.
But that doesn't mean we can't expect to reach those highs once again in the near future as more and more mainstream adoption is rolled out across the globe and as confirmed by many regulators around the world, Crypto is here to stay.
Have a great week everyone!
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