Retail interest in Bitcoin has dropped to the lowest of the year since. Institutional adoption has become mainstream with large money pouring into the crypto market and buying up Bitcoin. It seems the Bitcoin standard has been confirmed. However, Bitcoin may lose its crypto status from now on.
Retail investors lose interest in Bitcoin while institutional investors pour money into Bitcoin. The future of the Bitcoin market is just another stock market to be rigged.
Here is a 1 min summary of the article if you want to skip the reading.
Why Not Bitcoin
Despite the most advanced security in Bitcoin blockchain, the price stables around the high level which makes retail investors enter their position. With recent institutional investors’ adoption and promotion from Billionaires, Bitcoin becomes attractive yet harder for retail investors to enter the position of making profits compared to several years ago.
Bitcoin Domination Falls
The Bitcoin domination rate has fallen to the lowest in the year. With investment instruments through ETFs and many other lending financial products, institutional investors keep buying up the crypto and leave retail investors behind. Bitcoin may finally get its footing but the ceiling of the price may also reach the peak level.
It turns out that Billionaires are not different from others when it comes to new technology. They are conservative and they are late adopters of the technology. They knew they had missed the train of the Bitcoin and their FOMO to influence the price higher.
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Money Competition Era
Bitcoin is one kind of money. It marks the beginning of the cryptocurrency era. However, if people abandon the money, it will become worthless. Institutional investors may turn Bitcoin into another stock-like investment to help themselves to explore cryptocurrencies. Retail investors will not be able to compete with institutional investors with their infinite resources of money used to and influence the price. However, there will be more options for retail investors to join the new types of money and compete with Bitcoin.
Bitcoin domination rate may continue to fall and new types of money will be formed. Institutional investors may control and influence Bitcoin in the future but retail investors will be more influential in the future due to their adaptability.
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Argentine Crypto Exchange Lemon Sheds Roughly 100 Jobs, Citing Challenging Industry Conditions
Lemon had planned to deploy almost the entire amount on its expansion in Brazil. Given the current context, its move into the South American country will be “more strategic and niche,” Cavazzoli said. The exchange put plans to expand into Chile, Colombia, Ecuador, Peru and Uruguay by the end of 2022 on the back burner.
It’s time for crypto fans to stop supporting cults of personality
Many of the centralized cryptocurrency platforms that collapsed this year had something in common: a young, outspoken and cocky leader. Each gained outsized influence not by virtue of outsized intellect or talent but because of their piles of money and large Twitter followings. And each time, misplaced trust in their abilities resulted in disastrous consequences.
If crypto wants to avoid similar catastrophes in the future, it’s time for us to rearrange our leadership priorities. We need to ditch the cults of personality.
The theater of crypto on Twitter
Before FTX collapsed, founder Sam Bankman-Fried (SBF) had garnered a reputation as one of the loudest voices in the industry. He was active in the political world and frequently commented on what was happening in Web3.
But perhaps most notable was his active involvement in a myriad of Twitter feuds and spectacles. SBF first stepped into the spotlight as the successor of SushiSwap after Chef Nomi abruptly abandoned the project — a drama that played out almost entirely on Twitter’s public stage. His ensuing Twitter antics, combined with the image of unstoppable success that FTX was broadcasting far and wide, gained him more than a million followers.
But even as SBF’s influence grew, it seemed he just couldn’t resist shitposting, regularly engaging with other Twitter users who threw stones.
Indeed, SBF’s penchant for Twitter drama played an important role in exposing FTX’s insolvency. It was his recent spat with CZ that ultimately led to the run on FTX’s deposits. His attention-grabbing antics carried on through the current ordeal, culminating in a bizarre series of cryptic tweets.
The loudest voices in the room
While SBF is the latest example of an industry figure whose highly public Twitter presence led to a highly public downfall, he certainly isn’t the first. Do Kwon and Su Zu, who were both at the center of monumental collapses earlier this year, were also notorious trolls. Do Kwon infamously sent an arrogant series of tweets just before Terra’s downfall, while Su Zhu’s infamously elusive comments during the 2021 bull run didn’t age well, either.
At our company offsite this week with all the drama happening. Debating who is the bigger villain in crypto:
a) Do Kwon – $58b loss from UST & LUNA
b) SBF – $10b missing deposits in FTX
c) Su Zhu – $3.5b loss from borrowers
d) Alex Mashinsky – $2.8b missing deposits in Celsius
— Bobby Ong (@bobbyong) November 10, 2022
But, the leaders of failed platforms aren’t the only ones guilty of social media braggadocio. Binance’s CZ, after all, was just as guilty as SBF of engaging in their public Twitter feud earlier this month. Digital Currency Group’s Barry Silbert, who has been at the center of alarm related to the FTX fallout, has also garnered a reputation as a shitposter.
There are many, many more tweeters who have used online spectacle and trolling as a means of controlling the industry conversation. Think Ben Armstrong (aka “Bitboy”) and Jim Cramer, to name just a couple more. There’s a small army of them. And, even though many are purged in each bear market, their successors are increasingly turning into powerhouses too vocal and influential to ignore in the space.
Jim Cramer said that he sold all of his crypto.
Then he blamed @APompliano for “putting him in” BlockFi.
So he… lied?
Now he’s on a crusade to blame anyone he can find for his own bad decisions, even “digital finance people,” which is literally a made up term. https://t.co/NTojFohvFQ
— The Wolf Of All Streets (@scottmelker) November 18, 2022
We need to end the cults of personality
So what’s the solution? How can we better identify this personality type and use this recognition to avoid future pain?
Instead of focusing on building cults of personality, the crypto community needs to focus on platforms and leaders building products that use web3 primitives to solve problems in a manner that’s orders of magnitude better than anything we’ve experienced before. The crypto community needs to stop listening to the loudest voices in the room and start listening to the wiser, more experienced ones — even if they are sometimes quieter. And by the same token, we need builders with experience in creating real value for users to speak up more.
Ultimately, the answer lies with us and with the people that we, as an industry, choose to lionize. We need to learn how to identify and support builders building transparent, secure, high-quality applications and decentralized applications — regardless of how many followers they have.
Corey Wilton is the co-founder and CEO of Mirai Labs, the international gaming studio behind Pegaxy. A renowned speaker and play-to-earn thought leader, he began his first company within crypto in 2018, a customer support service designed to assist cryptocurrency companies with their customer service.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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