Crypto has been gaining a lot of moment recently, and yet some people continue to deny this upcoming revolution.
Yesterday I made a post about how Tesla is going to dominate autonomous driving, and someone sent me this article with the following headline:
‘Not a chance’ Tesla will dominate car industry in 20 years: legendary investor Bruce Greenwald
Basically, he is saying that he doesn't think Tesla can sustain its market cap, which I also addressed in my post. Funnily enough, he made sure to add this, though:
But Greenwald acknowledged he wouldn't short Tesla because many have gotten "slaughtered" doing it.
The fact that he is not willing to put his money where his mouth is tells me enough about his convictions.
Again, I'm not a Tesla fanboy, and they definitely don't need me to defend their product strategy but, like I said yesterday, many experts in the industry say that Tesla is, at least, 5 years ahead of the competition so even if Tesla halts all development it could still take years before anyone else comes even close. And what are the odds Tesla will stop, or even slow down, their development?
But this is not another Tesla post. I just wanted to point that out because it's actually related to what I want to discuss in this article.
Crypto deniers
You might have seen the news the Crypto Enthusiasts Forming DAO to Buy Denver Broncos NFL Team, but if you haven't, the bottom line is that a few crypto enthusiasts are forming a Decentralized Autonomous Organization (DAO) to try and raise approximately 4 billion dollars to buy the Denver Broncos NFL Franchise which was recently put for sale.
I'm a big football fan, and I have a group of friends who share the same passion, so we talked about this the other day. None of them are into crypto, by the way.
In the middle of the conversation, one of them said something like, "Well, they better be prepared to sell the team again in a few years once the crypto hype is over."
What the heck...
They are good friends of mine. The talk quickly wandered to something else, so I didn't bother arguing, but that made me think about how so many people still ignore the undeniable technological shift that's bound to happen.
Much like Greenwald, which can't seem to look beyond the legacy automakers, people are way too stuck to the legacy financial system that they don't see the revolution that's right in front of them.
If people would just take a look around, they would realize that crypto is happening already. The DAO to buy the Denver Broncos is one of the latest developments in that arena, but it's been going on for a while. There were crypto adds on the Super Bowl left and right, crypto companies sponsoring Formula 1, and I even wrote an article about a sponsorship deal between Binance and the most important regional soccer tournament in Brazil.
And that's only in sports. We also have the recent partnership between Splinterlands and Warner Music. The gaming industry has been taken by crypto much like the sports industry.
I don't deny that there is a lot of hype around crypto, especially around NFTs. Many people are getting scammed, and many of the projects built on pure hype with no real roadmap or use cases will definitely fail, but that's not what crypto is really about.
The underlying tech that makes crypto viable is still in its infancy and far from perfect, but it is solid and battle-tested.
Cryptocurrency is making things like international payments obsolete because, in a way, it obliterates the very concept of "nation". DeFi is making finance accessible to many people who are ignored by the legacy financial system for whatever reasons, and NFTs are being used to ensure the legitimacy of documents.
It's true that there is a lot that needs to be improved, and blockchain and crypto can be very complicated to newcomers, but, as it usually happens with technology, the trend is that it becomes safer, more accessible and easier to use with time.
Final thoughts
Cryptocurrency and related technology are not a silver bullet that will solve every problem with humanity, but it is an ongoing revolution. Society needs to stop fighting it and learn how it works to extract the most of its potential. The sooner we all realize that, the better.