The cryptocurrency industry is still in its very early days as the vast majority of people don’t understand it or even know it exists. As for the people who have heard of Bitcoin (BTC), they are often skeptical and don’t think (or don’t want) the innovation to succeed for one reason or another.
These naysayers don’t understand where Bitcoin’s value comes from, assuming it’s fake internet money that’s not backed by anything. Skeptics have been saying for years that Bitcoin and cryptocurrencies in general will fail miserably, calling it a Ponzi scheme and comparing the nascent asset class to the infamous tulip and dot-com bubbles.
Is the Spread of Bitcoin Inevitable?
However, as time goes on, it seems that these Bitcoin and crypto naysayers are going down in number. One such individual who holds these thoughts is Chris Burniske, a partner at Placeholder Ventures, who recently broke down his thought process in an insightful Twitter thread.
1/ In the last bear market, telling someone you worked in the #bitcoin industry still drew blank stares.
In this bear market, telling someone you work in #crypto elicits some kind of reaction, good or bad.
— Chris Burniske (@cburniske) February 27, 2019
In the Twitter thread, Burniske cites conversations he’s had with people not involved in the crypto industry.
He stated that while these people may not support of Bitcoin or cryptocurrency, to his surprise, they often assume that crypto is an inevitable “next big thing.” He even said that in his experience, conversations with people who don’t like crypto tend to concede that it feels inevitable.
Therefore, Burniske believes that the overall sentiment around crypto is changing as more and more people agree that it’s here to stay. The idea that crypto is not going anywhere and will become the next big thing is becoming the new default way of looking at crypto.
Concluding the thread, Burniske said:
6/ So yes, the tech is still early & we have a long ways to go. But the way in which the ideas are lingering in peoples' minds is a great long-term indicator for #crypto.
— Chris Burniske (@cburniske) February 27, 2019
What Else Is Inevitable in This Nascent Industry?
Apart from people believing that Bitcoin is inevitable, it can also be argued that related technologies and cryptocurrencies are inevitable as well. More and more technologists and futurists believe the future will rife with blockchain technology and digital assets.
For instance, Anthony Pompliano, co-founder and partner at Morgan Creek Digital, summed it up in a tweet responding to Burniske:
Every stock, bond, currency, and commodity will be tokenized.
ICOs are horrible investment opportunity.
99% of utility tokens are nonsense.
Owning equity in infrastructure companies is ideal.
Bitcoin to the moon.
That’s my thesis. Never changed.
— Pomp 🌪 (@APompliano) March 2, 2019
Do you believe that the adoption of Bitcoin and cryptocurrencies is inevitable? Will the next bull run be even bigger and faster than the last? Let us know what you think in the comment section below.
