I am optimistic about crypto. Since 2017, when I started dollar averaging into BTC and ETH, I’ve evangelized to my family about how I think crypto will change the world. There have been many detractors and supporters, and over the years I’ve followed the scene less and less as it has become more hyperbolic on both sides. I received a balanced report today on the state of crypto and I’ll share it below.
Don’t worry that it is from JP Morgan. You can guess that it is slightly negative about crypto as it comes from a bank, but the author does well to include both sides of the story.
My rebuttal to the author and the reasons I believe in crypto are three fold.
- Permission-less finance / fintech / art /anything is way bigger and better than what we have now.
- There will be new use cases we can’t imagine now. No one saw youtube coming in 1996.
- Once the UX is better, people will flock to crypto solutions for ownership of data. Owning your data is going to be important in the next 50 years.
I strongly believe in the first reason. Living in Africa I saw how many talented people flounder simply because they could not access the tools or institutions they needed. It is painful how much talent is waster out there. Permission-less solutions can change that. I can’t wait to see it happen.